The SCA has also signed contracts to export two additional tugboats and a yacht built to custom specifications, all manufactured at the South Red Sea Shipyard, Rabie said in televised remarks.
“This is a very good step, entering the European market,” Rabie stated, adding that the products “are being built at the South Red Sea Shipyard and exported to Italy.”
He said the move aligns with President Abdel-Fattah El-Sisi’s directives to localize maritime industries, cooperate with the private sector, and manufacture tugboats in Egypt rather than import them.
Rabie added that the South Red Sea Shipyard has been transformed over two and a half years from a small facility performing basic repairs into a major shipyard producing tugboats, fishing vessels, and yachts.
According to Rabie, 16 tugboats have been built at the shipyard so far. The SCA has received 10 of them, while four were sold to Neri in Italy.
Rabie also said President El-Sisi directed the production of 100 deep-sea fishing vessels ranging in length from 25 to 50 metres.
He clarified that the first vessels are being built at the South Red Sea Shipyard, while others will be produced at SCA shipyards.
The first two vessels are set to be delivered by the end of June, with two more expected by the end of the year, Rabie said.
He added that the first phase includes 12 fishing vessels measuring 50 metres in length and another 12 vessels measuring between 25 and 30 metres.
The vessels are expected to support cooperation with several African and regional countries that have expressed interest in working with Egypt in the fisheries sector, including Comoros, Mauritania, Senegal, Somalia, Eritrea, and Yemen.
Rabie explained that the vessels are equipped with advanced fishing systems, including sonar technology to locate fish before nets are deployed.
He noted that Egypt has already begun operating in high-seas fishing through the Danish-built vessel “Rizk 1,” which is currently working in Australia under contract.
The new Egyptian-built vessels, including “Rizk 2” and “Rizk 3,” are based on the Danish model but include upgraded equipment, Rabie said, adding that production will continue at a rate of two vessels every six months.
On Suez Canal revenues, Rabie said he expects revenues to improve and return to 2023 levels in the second half of 2027, provided calm and stability continue in the region.
He said the authority hopes revenues will reach around $8 billion by the second half of 2027.
Rabie noted that the SCA is not currently offering incentives to shipping lines because security concerns, rather than transit costs, remain the main reason some vessels are avoiding the canal.
However, he said the authority is studying possible incentives for shipping lines with high transit volumes during specific periods or at certain tonnage levels.
Rabie explained that higher maritime insurance costs in conflict zones, including during attacks near Bab Al-Mandab, have weighed heavily on shipping companies and pushed up costs.
He said insurance costs rose by around 70 percent during periods of heightened attacks in the Bab Al-Mandab area.
On the Strait of Hormuz, Rabie said ships reaching the Suez Canal through the strait account for no more than 7 percent of total canal traffic, adding that tensions there had not significantly affected canal operations.
Rabie said the SCA’s strategy for the coming period focuses on continuing the development of the canal’s navigational channel, upgrading its marine fleet, and promoting Egyptian-made maritime products abroad.
“We have achieved self-sufficiency in tugboats, pilot launches, and related products,” he said. “What is being produced now is for export.”
The export push comes as the Suez Canal Authority seeks to build new revenue streams beyond transit fees, including shipbuilding, repairs, marine services, river transport units, and export-oriented maritime manufacturing.
On Sunday, El-Sisi reviewed Suez Canal navigation performance for FY2025/26 and progress in manufacturing marine units, including tugboats, fishing vessels, and river transport boats, during a meeting with Rabie and South Red Sea Shipyard Chairman Mostafa El-Degwaishi.
According to the presidency, El-Sisi stressed the importance of localizing marine-unit production to serve the canal, Egyptian ports, and river transport while expanding exports in partnership with the private sector.
The latest manufacturing programme includes “Azm” tugboats with a bollard pull of 90 tons, a series of 12 “Rizq” deep-sea fishing vessels, a 60-passenger electric river bus for Cairo Governorate, and tourist launches for marine and Nile tourism.
The industrial expansion is also linked to the canal's recovery from disruptions in the Red Sea.
Suez Canal dollar revenues rose 23 percent in FY2025/26 to $4.67 billion, while vessel transits increased 10 percent and cargo tonnage rose 22 percent year on year. However, Rabie said the figures remain below pre-disruption targets.
The canal suffered a sharp decline in revenue after attacks in the Red Sea and Bab Al-Mandab prompted major shipping lines to reroute vessels around the Cape of Good Hope.
Short link: