Shipping giant Maersk plans to resume navigation through the Red Sea via the Suez Canal as conditions improve, according to CEO Vincent Clerc. The Suez Canal Authority announced that Maersk container ships will partially restart transit in December, although no specific date has been set by the company.
The potential return of Maersk could significantly impact the shipping sector, as freight rates have been bolstered due to disruptions caused by regional conflicts and attacks on commercial vessels in the Red Sea. Maersk diverted its ships away from the Gulf of Aden and Red Sea in January 2024 following an attack by Yemen’s Houthi militants, who targeted vessels in support of Palestinians in Gaza.
Clerc expressed optimism about the peace process in Gaza, which may enhance navigation safety in the Bab al-Mandab Strait, linking the Gulf of Aden and the Red Sea. He emphasized the importance of crew safety while outlining plans for normalizing transit through the Suez Canal and Red Sea.
The Suez Canal Authority reported a 14.2% increase in revenues between July and October, attributing this to improved conditions in the Red Sea following a ceasefire in Gaza. However, the conflict has cost Egypt approximately $7 billion in Suez Canal revenues in 2024.
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