Suez Canal Considers Discount to Counter Shipping Decline

Osama Rabie, chief of Egypt's Suez Canal, announced potential discounts on transit fees of 12% to 15% due to declining revenue. The decrease is attributed to Yemen's Houthi attacks, aiming to block Israeli-bound shipments and driving ships away from this crucial maritime route.

Osama Rabie, the chief of Egypt's Suez Canal, has revealed that discounts ranging from 12% to 15% on transit fees are under consideration. This move aims to combat the canal's declining revenue.

The canal's income has been negatively impacted by attacks on shipping lanes by Yemen's Houthis. The group claims their actions are an effort to disrupt shipments to Israel in solidarity with Palestinians in Gaza.

As a result of these disruptions, many ships are rerouting away from the Suez Canal, prompting authorities to consider incentives to re-attract maritime traffic.

(With inputs from agencies.)