The Suez Canal Authority unveiled on Tuesday in a statement that it plans to lower transit fees for container ships with a net tonnage of 130,000 metric tons and over by 15%.
The offer is set to go into effect on May 15 and last for 90 days, as the authorities now believe that the security in the Red Sea has improved. Suez Canal's revenue has been hit hard after Yemen's Houthi rebels joined the war against Israel and started attacking ships bound for Israel. Recently, however, United States President Donald Trump announced that Washington and the Houthis reached a truce.
In 2024, the Suez Canal revenue stood at $4 billion, significantly down from $10.3 billion registered at the end of 2023.
