Finance
Suez Canal Authority says stability returning to Red Sea
Published by Global Banking and Finance Review
Posted on January 31, 2025
2 min readLast updated: January 26, 2026
Global Banking and Finance Review
Company
Published by Global Banking and Finance Review
Posted on January 31, 2025
2 min readLast updated: January 26, 2026
The Suez Canal Authority reports stability in the Red Sea, urging shipping companies to reconsider routes despite ongoing Houthi threats.
CAIRO (Reuters) - Suez Canal Authority Chairman Osama Rabie has told shipping giant AP Moller-Maersk there are signs of stability returning to the Red Sea, and urged the company to take that into account when planning sea routes, according to a statement from the SCA.
The statement said Rabie made the comments at a meeting with the CEO of the Danish container shipping group and other senior executives, but did not say when the meeting took place.
"We seek to take into account the positive indicators observed in the Red Sea region when planning maritime schedules in the coming period," Rabie was quoted as saying.
Several major global shipping companies have suspended Red Sea voyages and rerouted vessels around southern Africa to avoid potential attacks from Yemen’s Houthis.
Egyptian President Abdel Fattah al-Sisi said in December the disruption had cost Egypt around $7 billion in revenues from the Suez Canal in 2024.
Last week, Maersk said it would continue to divert vessels away from the Gulf of Aden and Red Sea and towards the southern tip of Africa despite the Houthis announcing they would curb their attacks on ships.
The Iran-aligned Houthis have carried out more than 100 attacks on ships since November 2023 and sunk two vessels, seized another and killed at least four seafarers.
(Reporting by Yusri Mohamed. Writing by Jana Choukeir. Editing by Mark Potter)
Chairman Osama Rabie stated that there are signs of stability returning to the Red Sea and urged shipping companies to consider these positive indicators in their planning.
Several major global shipping companies have suspended Red Sea voyages and rerouted vessels due to potential attacks from Yemen’s Houthis.
Egyptian President Abdel Fattah al-Sisi mentioned that the disruption has cost Egypt approximately $7 billion in revenues from the Suez Canal in 2024.
Maersk announced that it would continue to divert vessels away from the Gulf of Aden and Red Sea towards the southern tip of Africa, despite the Houthis indicating they would reduce their attacks.
The Iran-aligned Houthis have conducted over 100 attacks on ships since November 2023, resulting in the sinking of two vessels and the death of at least four seafarers.
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