Strategic Suez Canal Struggles Amid Houthi Attacks, Contemplates Fee Discounts
The Suez Canal Authority plans to offer discounts on transit fees to revive traffic suffering due to Houthi attacks on Red Sea shipping. Revenue has sharply declined, prompting discussions on incentives to offset rising insurance costs amid a recently mediated ceasefire between the U.S. and Houthis.
In a bid to revive traffic through the Suez Canal, its authority led by Osama Rabie is considering offering a discount on transit fees following recent Houthi attacks that have crippled shipping activity in the Red Sea.
This proposed measure could see reductions ranging from 12% to 15%, pending approval by President Abdel Fattah al-Sisi, as revenue from the crucial waterway continued its steep decline.
The announcement coincides with an Oman-mediated ceasefire between the U.S. and the Houthis, highlighting the Canal's dire situation and the pressing need for immediate economic solutions.
(With inputs from agencies.)
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