Suez Canal Authority Chairman Osama Rabie with the CEO of A.P. Moller-Maersk Vincent Clerc during a joint press conference on Tuesday
Rabie added that the strategic partnership agreement represents a cornerstone for the future of joint relations between the two sides, opening new horizons for cooperation across maritime and logistics sectors.
The SCA chairman told a press conference that the company’s return followed months of talks and “did not come out of nowhere,” noting that Maersk vessels made 1,158 transits in 2023 before the Red Sea crisis, carrying 127 million tonnes and generating $732.5 million in revenue.
He said global shipping lines had long viewed the Cape of Good Hope route as an unsustainable alternative to the Suez Canal. He also confirmed that discussions are underway with other major operators, including CMA CGM, which is expected to resume transits in December.
Rabie said the disruptions of the past two years underscored the canal’s resilience despite lower revenues, projecting $4.1 billion in earnings this year and a stronger recovery in 2026.
Maersk CEO Vincent Clerc stated that improvements in the security situation in Gaza and Bab Al-Mandab were key to the decision to resume Suez Canal transits. He said the company prioritises seafarer safety and had consulted closely with the SCA in recent months on conditions for a full return.
Rabie added that the authority is exploring new areas of cooperation with Maersk, including ship scrapping, container manufacturing and repair, shipyard development, and logistics services.
Global shipping lines, including Maersk, MSC, CMA CGM, and Hapag-Lloyd, began diverting vessels in October 2023—with the outbreak of Israel's genocidal war on the Gaza Strip—due to escalating naval attacks on commercial ships in the Red Sea and Bab Al-Mandab by the Houthis, a Yemeni rebel group, in solidarity with the enclave. Many rerouted via the Cape of Good Hope, adding up to two weeks to voyages and sharply increasing costs.
Rabie said the canal is fully prepared to receive vessels and restore services to normal levels, largely due to the Sharm El-Sheikh peace agreement, brokered by Egypt, the US, Qatar, and Turkey, which implemented a ceasefire between Israel and Hamas.
The Suez Canal handles around 12 percent of global trade, and the return of major carriers follows a period of significant economic losses: canal revenues fell by more than 60 percent in 2024, amounting to nearly $7 billion.
Egypt has since stepped up diplomatic and security efforts to stabilize the Red Sea corridor while offering incentives, revised fees, and fast-track services to retain clients.
Maersk’s decision to return its entire fleet marks one of the most significant reversals since the start of the crisis, and signals renewed confidence in the canal’s security and competitiveness. The SCA is also accelerating expansion works, including widening and deepening the southern sector and upgrading the shipyard and logistics infrastructure.
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