In recent TV remarks, Rabie provided details of the two-and-a-half-year project carried out to enhance the canal’s navigational efficiency.
He explained that the development included duplicating the canal by 10 kilometres, widening the route in this zone by 40 metres towards the eastern bank, and deepening it between 66 and 72 feet.
Rabie expects these improvements to increase maritime traffic efficiency by approximately 28 percent, boosting the canal's capacity.
He noted that despite the global shipping crises and declining revenues, the development continued as President Abdel-Fattah El-Sisi directed, insisting on pushing forward with the project despite the challenges.
President El-Sisi's vision has inspired the authority to stay committed to ensuring the canal's readiness for eventual return from regular maritime traffic.
Moreover, Rabie emphasized that Egyptian labourers and locally manufactured dredgers carried out the entire project.
All the project funds were in Egyptian pounds to avoid reliance on foreign currency and equipment rentals and to support the local economy.
No increase in transit fees
Rabie also affirmed that no increase in Suez Canal transit fees would be applied this year.
He clarified that this development project is expected to improve the canal’s global competitiveness, cementing its role as a vital route for international maritime trade.
According to Rabie, the project is considered a quantum leap to attract new classes of ships and marine units that have not previously transited and increase navigational safety for unconventional transit operations.
Expanding the canal 40 metres eastward will also reduce the pressure of the two banks on vessels with a large draft.
Gradual recovery
Furthermore, Rabie expects large vessels to gradually resume trips through the Red Sea by the end of March 2025, with full resumption by mid-year.
This is contingent on the stability of the Gaza truce and the absence of threats or attacks on shipping.
He said: "All indicators suggest we are heading toward a calm state in the Red Sea region and the return of navigation. Despite this, giant ships still prefer to avoid risks and take the Cape of Good Hope route."
However, Rabie explained that US President Donald Trump's statements about the lack of guarantees regarding implementing the second phase of the Gaza ceasefire deal have raised shipping companies' concerns.
"I understand the concerns of large shipping companies, especially when a huge ship carrying crews and valuable goods passes," he added.
Positive indicators
The SCA chairman cited several positive indicators for the anticipated resumption of shipping.
These include the Houthis' announcement on 19 January 2025 of halting their offensive operations following the Gaza ceasefire agreement.
Rabie also highlighted the passage of six US and UK ships on 9 January 2025 and the Liberian-flagged oil tanker Chrysalis crossing on 2 February 2025 without threat.
Despite the Houthi attack on Chrysalis in July 2024, it was among the first vessels to transit the canal after the group's announcement of ceasing attacks on ships not linked to Israel.
Tensions in the Red Sea have escalated due to the Houthis' recurring attacks on ships linked to Israel, the US, and the UK near the strategic Bab El-Mandeb Strait.
The group, which controls much of Yemen but is not recognized internationally, said the attacks were meant to pressure Israel to end its genocidal war on the strip.
Suez Canal losses
Although the Suez Canal is one of Egypt's major sources of hard currency, the Red Sea conflict caused it to lose 61-62 percent of its revenues, around $7 billion, in the fiscal year ending June 2025, Rabie said.
He estimated total losses over the 15-month war at approximately $6.8 billion, potentially rising to $7 billion if the crisis continues.
He also noted that the current daily ship traffic through the canal averages 30-32 vessels, compared to 72-75 before the war.
The Houthi attacks have led several shipping companies to divert their ships from the Suez Canal, where 12 percent of global trade used to pass, to the much longer Cape of Good Hope route.
Since 19 November 2023, 10,517 ships have opted for this alternative route.
"All of these ships would have used the Suez Canal had the security threats not existed," Rabie affirmed.
Short link: