#Suez Canal

Suez Canal

Suez Canal revenue drops as some shipping firms shun Red Sea

The Suez Canal, is a key source of foreign currency for Egypt, and authorities have been trying to boost its revenues in recent years

Red Sea - shipping - logistics

How have global shipping firms reacted to Red Sea tensions?

The longer route around the Cape of Good Hope, to avoid attacks by Yemen’s Houthis in the Red Sea, has pushed up shipping costs as well as emissions

Red Sea

Red Sea crisis pushing 47% crude oil, fuels around Africa

According to data provided by EIA, total US trade around the cape rose by about one-third, in the first six months of 2024

RED SEA - YEMEN COAST - MAERSK

Red Sea: Two merchant vessels targeted in Gulf of Aden

The Red Sea crisis has disrupted global shipping by forcing vessels to avoid the nearby Suez Canal and reroute trade around Africa

Egypt raises $800m from hotels in divestment drive

IMF ties Egypt loan disbursements to currency flexibility

The IMF forecasts that Egypt’s inflation will remain high in the near term, with average inflation for the coming fiscal year, expected at 25.5%

Egypt raises minimum wage by 50% as part of ‘urgent’ package

How big are Egypt’s economic challenges?

As many as 60 per cent of Egypt’s 106 million citizens are estimated to be below or close to the poverty line

shipping

Risk is the new normal in ocean shipping as Red Sea tensions reign: Experts

The Red Sea tensions have spurred cargo delivery disruptions and soaked up excess vessel capacity, raising global shipping costs

Red Sea

Ship sunk after Houthi attack could lead to environmental disaster in Red Sea

The Rubymar went down in the southern Red Sea late on Friday or early on Saturday

Egypt sees progress on loan program

IMF sees progress on Egypt loan program amid Gaza pressures

IMF spokesperson told a regular news briefing that IMF staff and Egyptian authorities agreed on the main elements of program changes

Red Sea

Retailers demand more action from EU to resolve Red Sea crisis

Retailers calling for firm action include members such as supermarket giants Carrefour, Lidl, M&S, and Tesco

Egypt raises minimum wage by 50% as part of ‘urgent’ package

Egypt raises minimum wage by 50% as part of ‘urgent’ package

The Egyptian pound, fixed at EGP30.85 to the dollar since March, traded on the black market earlier this month as low as EGP71 to the dollar

Business as usual for Suez Canal as Egypt denies suspension

Navigation movement in Egypt’s Suez Canal is regular from both directions, says a top official from that country

suez canal

Shipping traffic through Suez Canal down 20% due to Middle East tensions

The Suez Canal is an important source of dollar revenues for Egypt

ANTONY-BLINKEN-MAHMOUD-ABBAS-STATE-DEPT

Antony Blinken back in the Middle East as Israel crisis rages on: 8 countries on tour list

Blinken’s visit to the region comes amid an escalation to the crisis in the Middle East

red sea

How could Red Sea tensions affect oil and gas shipping?

About 12 per cent of world shipping traffic transits the canal and 4-8 per cent of global LNG cargoes have passed through it in 2023

Egypt seizes Suez Ship ‘Ever Given’ pending $900m compensation

The Suez Canal Authority has said compensation is needed to cover losses of transit fees

Suez Canal authorities say backlog of ships is now cleared

Overall, 422 vessels passed through since the tanker was freed on March 29

Suez Canal reopens to traffic after giant ship is freed, operations to return to normal ‘within days’

Hundreds of vessels carrying everything from oil to livestock were forced to wait in line after the Ever Given became stuck in the canal

Container ship Ever Given is seen at the Suez Canal on March 28, 2021

Giant ship blocking Suez Canal ‘partially refloated’

Ever Given has been stuck since Tuesday, causing a backlog of hundreds of ships and snarling global supply lines

Ever Given grounding: Suez Canal closure highlights marine industry risks

The Suez Canal Authority temporarily suspended navigation in the canal on March 25

Your instant coffee may soon be at risk from Suez blockage

About 12 per cent of global trade goes through the Suez

Oil bounces back as US supply report hints at demand revival

A US inventory report showed domestic fuel consumption is at the highest in four months