Suez Canal Authority (SCA) Chairman Osama Rabie during a virtual meeting on Wednesday with major shipping lines, shipowners, and maritime agencies. Photo by SCA.
Rabie made these remarks during a virtual meeting on Wednesday with major shipping lines, shipowners, and maritime agencies. The meeting also included Christine Cabau, Executive Vice President for Assets and Operations at CMA CGM French Shipping Group, and Tariq Zaghloul, CEO of CMA CGM Group in Egypt and Sudan.
The meeting is part of the authority's efforts to engage with improved Red Sea security. It echoes Egypt's support for the Yemen-US ceasefire brokered by Oman.
On Wednesday, Egypt welcomed the ceasefire agreement between the Houthis and the United States, following successful Omani mediation. It expressed hope that the deal would help secure safe and unrestricted navigation in the Red Sea.
According to the authority's statement, Cabau welcomed the improvement in security in the Red Sea. She said CMA CGM will consider these developments when updating its sailing schedules, while continuing to prioritise vessels and crews' safety.
Furthermore, Cabau affirmed CMA CGM's readiness to resume full use of the Suez Canal, calling it the shortest and fastest route, compared to the Cape of Good Hope route.
On the other hand, during the meeting, the SCA Chairman noted that CMA CGM led all container lines in net tonnage through the canal in early 2025, accounting for 19 percent of total traffic.
He also praised the strategic partnership with CMA CGM, noting that the group has continued some of its services through the canal despite the security challenges in the region.
Trade disruption
Following the start of the Gaza war in October 2023, Houthi forces began targeting Israeli-linked ships in the Red Sea, disrupting maritime traffic.
Although attacks paused briefly after a January ceasefire, they resumed in March, escalating regional tensions and prompting retaliatory strikes between Israel and the Houthis.
The Suez Canal links the Red Sea to the Mediterranean, handling 12 percent of global trade and serving as a key source of Egypt's foreign currency, alongside tourism and remittances.
The conflict has slashed canal revenues by over 60 percent in 2024, severely impacting Egypt's economy.
In February, Rabie noted that no sustainable alternative to the Suez Canal was found during the crisis, underscoring its strategic importance.
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