Egypt Denies Suez Canal Seeks 300 mln Euro Loan
Egypt's government denied in a statement on Thursday that the Suez Canal Authority was seeking a 300 million euro loan from Gulf lenders. Three senior banking sources that did not wish to be named had told Reuters last week that the authority requested a loan from Gulf banks in order to purchase two dredgers. "The Suez Canal has not borrowed any money from any foreign banks, and everything that had been mentioned about this issue is nothing but baseless rumours," the government statement said.
UASC's 18,000 TEU Al Zubara Transits Suez Canal
United Arab Shipping Company (UASC) and Ahli United Bank, Egypt marked the passing of 18,800 TEU Vessel M.V. Al Zubara ultra-large container vessel through the new Suez Canal this week. The event is one of the first in a series of activities being organized by UASC to celebrate 40 years in business and was attended by senior dignitaries and officials including Dr. Khaled Fahmy, Minister of Environment (Egypt), Admiral Mohab Mameesh, Chairman of the Suez Canal Authority, Basil Al-Zaid…
Suez Canal Seeks 300 mln euro Loan
Egypt's Suez Canal Authority is seeking a 300 million euro ($350.19 million) loan from Gulf banks, three senior banking sources told Reuters on Tuesday. The loan will be used to finance the purchase of two new dredgers, the sources said. The authority had signed a contract with Dutch firm Royal IHC for the equipment last year but failed to secure funding from local banks. The sources provided no further details and the Canal authority could not be immediately reached for comment. Reporting by Ehab Farouk
Shippers Avoid Panama and Suez Canals Due to Charges
Container lines are adopting alternative routes to the Panama and Suez Canals to avoid charges say the Copenhagen-based SeaIntel Maritime Analysis. SeaIntel state that since October 2015 115 vessels deployed on Asia-USEC and Asia-north Europe services made the trip back to Asia by sailing south of Africa rather than through the Suez and Panama canals. The Suez Canal Authority state that the number of laden container vessels passing through the Suez Canal in 2015 dropped 2.8% from 2014.
Suez Canal to Feel Pinch of Slow Down
The traffic developments through the Suez Canal showed the change in each type of transient and cargo ships, which gives an indication of the future of traffic in the canal, according to analysis conducted by Daily News Egypt. According to data, the contradiction between the low number of vessels and higher payloads shows a tendency to rely on bigger ships to save costs. The Suez Canal will have to cope with this development and maintain an appropriate depth to meet the requirements of these larger vessels.
First Ship Crosses New East Port Said Side Channel
Shipping group CMA CGM announced that its containership CMA CGM Racine was the first vessel to cross the New East Port Said side Channel, during the Opening ceremony held on February 24. Chérif Ismaïl, Egyptian Prime Minister, Saad El-Giuchy, Egyptian Minister of Transport, and Admiral Mohab Mamish, Chairman of the Suez Canal Authority were present for the occasion. Thanks to this new side channel, vessels will have a 24-hour access to East Port Said instead of current 8-hour access.
Bulk Carrier Runs Aground in the Suez Canal
A capsize bulk carrier ship has run aground in the Suez Canal at 69 kilometers at about 10:30 a.m. local time February 25, and is still grounded on same position, GAC reported, as per information available from the Suez Canal Authority. According to GAC, the Suez Canal has not closed, but there are some delays on the convoys’ movements and the starting time of the convoys has been amended accordingly, as follows: Northbound convoy started today at 9:45 a.m. local time (first vessel). Southbound convoy started today at 2 a.m. local time and waiting in Great Bitter lakes. Further traffic delays are expected until the vessel is refloated by Suez Canal Authority tugs.
Suez Canal Access Channel Officially Opened
The terminal is also expanding in response to Egypt’s growing population and economy, and role as a global transportation hub. East Port Said, Egypt – Completed within just three months, the new 8.5 km (5.2 mile) access channel directly links the East Port Said port complex to the Mediterranean Sea, eliminating the need for vessels heading to the Suez Canal Container Terminal (SCCT) to wait 6-8 hours for a time window between vessel convoys transiting the canal. This means that the channel…
Suez Canal January Revenues Dip
Egypt's Suez Canal revenues fell in January to $411.8 million from $429 million in December, data on the Suez Canal Authority's website showed on Monday. The canal is the fastest shipping route between Europe and Asia and is one of the country's main sources of foreign currency. Reporting by Ahmed Aboulenein
Egypt Bans Qatari Ships Docking in Suez Canal
The Suez Canal Authority is committed to a ban on allowing Qatari ships to dock in ports within the Suez Canal’s economic zone, Ahram reported as chairman Mohab Mamish saying. In press statements on Friday, Mamish said that Egyptian ban on the ships is being imposed on all ports within the zone based on Egyptian sovereignty over its territorial waters. The decision, however, does not include a ban on passing through the canal, as under the Constantinople 1869 agreement it is illegal to ban ships coming from any country from passing through.
Suez Canal, the Fastest Maritime Corridor
Egypt's Suez Canal has maintained its classification as the most important and fastest maritime shipping corridor despite the economic challenges faced by the world in 2015 and 2016, reported Xinhua quoting head of the Egyptian Suez Canal Authority Mohab Mamish as saying. A statement from the canal's authority said on Sunday that its revenues stood at $2.938 billion from January to July. Its revenues jumped to $446.3 million in July from $427.2 million in June, according to Reuters' calculations. In July last year, revenues stood at $429 million.
DP World Forms JV with Egypt’s Suez Canal
DP World, has formed a joint venture (JV) company with Egypt’s General Authority for the Suez Canal Economic Zone. The new venture will see the global terminal operator assist in developing projects in the SCZone, the main trade route between Europe and Asia, serving more than 8% of annual global trade. The new venture will develop projects in the Suez Canal Zone, one of the most promising trade zones given the calibre of its logistics facilities and its strategic location. The…
DP World, Suez Canal to Build Egypt El Sokhna
Chairman of the Suez Canal Authority Mohab Mameish and CEO of DP World Sultan Ahmed Bin Sulayem signed an initial partnership agreement in the UAE to establish a major development company for the development of Ain Sokhna, Al-Ahram daily reported. The partnership was first announced in August following talks between Egyptian President Abdel-Fattah El-Sisi, CEO of DP World Sultan Ahmed Bin Sulayen and Mamish. The Suez Canal project includes the development of a 460 square-kilometer…
Suez Canal Orders Two Cutter Suction Dredgers
The Egyptian Suez Canal Authority (SCA) has placed an order for two custom-built 29,190kW heavy-duty rock cutter suction dredgers (CSDs). The vessels will have an overall length of 147.4 meters and provide a maximum dredging depth of 35 meters. In addition, they will offer accommodation facilities for 73 people. Equipped with one submerged – and two inboard – dredge pumps, the installed cutter power will be 4,800kW. A standardized IHC Beaver 45 CSD will also be built by IHC at SCA’s shipyard in Egypt…
Suez Canal Revenues Fall
Suez Canal revenues fell 2.2% month-on-month in September 2017, according to official data. Revenues amounted to $459.8 million in September 2017, versus $470.6 million in August 2017, the data showed. However, Suez Canal Authority (SCA)'s revenues raised by 3.4 per cent within the period from January-October 2017, increasing to $US4.3 billion up from $US4.2 billion in 2016. The chairman of SCA and SCZone (Suez Canal Economic Zone) Mohab Mamish said that that the number of ships crossing the canal waterway increased by 2.9 per cent…
DP World to Develop Economic Zone in Egypt's Sokhna
Admiral Mohab Mamish, Chairman of the Suez Canal Authority and Chairman of the Suez Canal Economic Zone (SCZone), and Sultan Ahmed Bin Sulayem, Group Chairman and CEO, DP World, signed a partnership agreement to develop an integrated industrial and residential zone at Sokhna in Egypt, in the presence of Sherif Ismail, the Prime Minister of Egypt. The signing took place at a ceremony in Sharm el-Sheikh at the World Youth Forum. The agreement will establish a joint venture between SCZone (51%) and DP World (49%) with DP World managing the zone…
Suez Canal Authority, DP World Present Sokhna World Zone
Sultan Ahmed Bin Sulayem, Group Chairman and CEO, DP World and Admiral Mohab Mamish, Chairman of the Suez Canal Authority and Chairman of the Suez Canal Economic Zone (SCZone), presented details of the recent agreement to develop an integrated industrial and residential zone at Sokhna in Egypt to investors and businesses in Dubai. The opportunities to invest and launch operations in the project were outlined to company representatives, many of whom already have existing outlets in Dubai’s Jebel Ali Freezone (Jafza).
DP World Moves Ahead with Suez Canal Industrial Zone
Dubai-based ports operator DP World has inked an agreement with the Suez Canal Authority and the Suez Canal Economic Zone (SCZone) to launch the first phase of an integrated industrial and residential zone in Sokhna. The framework agreement, which establishes a clear timetable of actions required to execute the first phase of the project spanning 30 square kilometres, was signed by Sultan Ahmed Bin Sulayem, Group Chairman and CEO of DP World and Admiral Mohab Mamish, Chairman of the Suez Canal Authority and the Suez Canal Economic Zone (SCZone).
Egypt Seeks a New Suez Canal Toll System
Egypt is in talks with global shipping firms to change the way it charges vessels to pass through the Suez Canal, offering discounts for advance payments as it seeks to raise much-needed hard currency from a struggling industry. Denmark's A.P. Moller-Maersk, which runs the world's biggest container shipping line, said on Tuesday it was considering proposals from the Suez Canal Authority for a new toll system. "They have proposed a new payment method and presented it to us, and we are looking at it now…
Maersk Considering New Toll System by Suez Canal Authority
AP Moller-Maersk's Maersk Line shipping arm said it is considering proposals from the Suez Canal Authority for a new toll system that could involve advance payments, reports Reuters. "They have proposd a new payment method and presented it to us, and we are looking at it now," a company spokesman said. The Wall Street Journal earlier quoted Canal Authority Chairman Mohab Mamish as saying it aimed to levy charges for three years or five years in advance. Talks with Maersk, Geneva…
Green Signal to New Access Channel to Port Said East
The construction of a wide access channel to Port Said East, as the side channel project, has officially received approval. The head of the Suez Canal Authority (SCA), vice admiral Mohab Mamish, has approved the construction of a new access channel to Port Said East which will which will permit uninterrupted vessel traffic to visit Suez Canal Container Terminal (SCCT) round the clock. Egypt plans to complete the side channel, that would speed up shipping and allow ships direct entry into the port by the end of June 2016, Mohab said.
Suez Canal November Revenues Plunge
Egypt's Suez Canal revenue fell in November to $408.4 million from $449.2 million in October, data on the Suez Canal Authority's website showed on Wednesday. The canal is the fastest shipping route between Europe and Asia and is one of the country's main sources of foreign currency. The November revenue was the lowest since February. Reporting by Ehab Farouk
DP World to Develop Egypt Port Terminal
A Memorandum of Understanding (MoU) agreed by DP World, Egypt’s Holding Company for Maritime and Land Transport and the Suez Canal Authority is aiming to develop a new Inland Container Depot (ICD) in Egypt’s 6th of October City, a satellite town in the Giza Governorate and part of the urban area of Cairo. The three partners will bid for the government contract for the project later this year. The proposed ICD will increase the flow of cargo between ships and major land transportation networks in the country, creating a central distribution point.