{"id":568186,"date":"2020-12-21T03:34:45","date_gmt":"2020-12-21T03:34:45","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2020\/12\/21\/whos-jockeying-with-the-suez-canal\/"},"modified":"2020-12-21T03:34:45","modified_gmt":"2020-12-21T03:34:45","slug":"whos-jockeying-with-the-suez-canal","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2020\/12\/21\/whos-jockeying-with-the-suez-canal\/","title":{"rendered":"Who\u2019s jockeying with the Suez Canal?"},"content":{"rendered":"<p><strong>The Suez Canal Authority will slash transit fees for large oil tankers traveling <\/strong><strong>between northern Europe and southeast Asia by 48%<\/strong> as it looks to maintain the canal\u2019s status as a critical shipping route, <a href=\"http:\/\/bit.ly\/37zKVPA\">Al Mal<\/a>reports. The authority began implementing the decision earlier this month and the discounts will run until 31 May next year, according to the report.<\/p>\n<p><strong>What are the Suez Canal\u2019s main competitors?<\/strong><\/p>\n<p><strong>#1 The Israel-UAE connection:<\/strong> Former authority head Mahfouz Taha made a point of saying that the decision is unrelated to the <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/0a0c6f0c-5606-4356-bddb-7fd353cac8d2\">proposed oil pipeline<\/a> between Israel and the UAE that came following the normalization agreement between the two countries this year. Taha said that the discounts are simply a case of the authority making the route more competitive and that the decision wasn\u2019t taken with the pipeline in mind. Nevertheless, the project is expected to be a major conduit between Europe and Asia, and could substantially eat into the government\u2019s revenues as Europe and the Middle East become less dependent on the canal for energy supplies.<\/p>\n<p><strong>The project might have US backing: <\/strong>The US is pushing for new transit routes for Middle Eastern oil and gas to reduce reliance on the Strait of Hormuz off the coast of Iran, US Energy Secretary Dan Brouillette told <a href=\"https:\/\/www.cnbc.com\/2020\/12\/17\/middle-east-oil-security-in-pipelines-not-tankers-dan-brouillette.html?&qsearchterm=Egypt\">CNBC<\/a>. Brouillette, who admittedly will be replaced by a Biden pick in a little over four weeks, floated moving hydrocarbons to Israel but didn\u2019t cut Egypt out of the plan entirely. \u201cIf we can move natural gas to the coast of Egypt or the coast of Israel, then we\u2019re moving it through the Mediterranean rather than going through some of the other chokepoints that we\u2019re all accustomed to,\u201d Brouillette said, hinting that Egypt could serve as an important gateway for natgas exports westward.<\/p>\n<p><strong>#2 Russia:<\/strong> Moscow is in the process of <a href=\"https:\/\/enterprise.press\/stories\/2019\/10\/23\/suez-canal-revenues-under-threat-as-russia-looks-to-step-up-arctic-shipping-route\/\">mainstreaming its Arctic shipping route<\/a>, and is trying to persuade commercial shipping lines to use its waters as an alternative to the Suez Canal. The good news is it doesn\u2019t expect to attract year-round business until the end of the current decade, but could offer to cover the extra ins. costs for shippers. The bad news: The route is some 3k nautical miles shorter than the Suez route, and while it isn\u2019t yet traversable all year round, we wouldn\u2019t be surprised if climate change helps Moscow speed up its plans.<\/p>\n<p><strong>Suez revenues have held up remarkably well this year:<\/strong> Authority boss Osama Rabie <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/20aae468-ba71-4e06-9343-2666944a873c\">said earlier this month<\/a> that the canal\u2019s revenues YTD are currently at USD 5.72 bn, up 8% y-o-y. Canal revenues were <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/abfbf36f-0470-487e-9b8f-fb9b29de470a\">relatively unchanged in FY2019-2020<\/a>, despite falling towards the end of the year due to the pandemic. Revenues for the year came in at USD 5.72 bn, down only slightly from USD 5.75 bn the previous year, and dipping 9.6% y-o-y in May due to the covid-induced slowdown in global trade.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Suez Canal Authority will slash transit fees for large oil tankers traveling between northern Europe and southeast Asia by 48% as it looks to maintain the canal\u2019s status as a critical shipping route, Al Malreports. The authority began implementing the decision earlier this month and the discounts will run until 31 May next year, [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":568187,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[8996],"tags":[72,7143,7103,133],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-568186","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-suez-canal","tag-enterpriseam","tag-osama-rabie","tag-suez-canal","tag-suez-canal-authority","wpautop","entry"],"acf":{"mongo_id":"17069688-0787-4133-86d6-097c92f20b6a","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2020\/12\/354.jpg","photo_position":"above","related_issue":[568168],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Who\u2019s jockeying with the Suez Canal? - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2020\/12\/21\/whos-jockeying-with-the-suez-canal\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Who\u2019s jockeying with the Suez Canal?\" \/>\n<meta property=\"og:description\" content=\"The Suez Canal Authority will slash transit fees for large oil tankers traveling between northern Europe and southeast Asia by 48% as it looks to maintain the canal\u2019s status as a critical shipping route, Al Malreports. 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Dry bulk carriers traveling from South Africa to Mediterranean ports or vice versa will see their tolls slashed\u2026","rel":"","context":"In &quot;Automotive + Transportation&quot;","block_context":{"text":"Automotive + Transportation","link":"https:\/\/enterpriseam.com\/egypt\/category\/automotive-transportation\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":627945,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/06\/19\/suez-canal-revenues-rise-11-5-y-o-y-during-fy2017-18\/","url_meta":{"origin":568186,"position":1},"title":"Suez Canal revenues rise 11.5% y-o-y during FY2017-18","author":"enterpriseam admin","date":"19 June 2018","format":false,"excerpt":"Also good for the nation\u2019s finances: Record Suez Canal revenues. Suez Canal revenues rose 11.5% y-o-y during FY2017-18 to USD 5.585 bn, up from USD 5.008 bn in FY2016-17, according to the Suez Canal Authority. The canal\u2019s revenues during the current fiscal year mark an all-time high, authority chief Mohab\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":638396,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/10\/03\/suez-canal-authority-to-sign-agreement-with-royal-ihc-for-two-new-dredgers\/","url_meta":{"origin":568186,"position":2},"title":"Suez Canal Authority to sign agreement with Royal IHC for two new dredgers","author":"enterpriseam admin","date":"3 October 2017","format":false,"excerpt":"Suez Canal Authority chief Mohab Mamish will sign an agreement today with the Dutch Royal IHC for the assembly of two new dredgers that will be added to the Canal\u2019s fleet,according to Al Mal. Details on the value of the contract have yet to emerge.","rel":"","context":"In &quot;Infrastructure&quot;","block_context":{"text":"Infrastructure","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/infrastructure\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":600774,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/02\/10\/suez-canal-authority-considering-up-to-60-discounts-for-ships\/","url_meta":{"origin":568186,"position":3},"title":"Suez Canal Authority considering up to 60% discounts for ships","author":"enterpriseam admin","date":"10 February 2019","format":false,"excerpt":"The Suez Canal Authority is considering offering 30-60% discounts on fees in six ports in an attempt to draw more business to the ports, spokeswoman Hend Fathy tells Al Shorouk. The authority has been reducing fees in several of its ports to attract more traffic after a previous decision to\u2026","rel":"","context":"In &quot;Automotive + Transportation&quot;","block_context":{"text":"Automotive + Transportation","link":"https:\/\/enterpriseam.com\/egypt\/category\/automotive-transportation\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":616411,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/03\/05\/sca-to-fully-fund-plan-to-expand-the-suez-canal-through-its-investment-budget\/","url_meta":{"origin":568186,"position":4},"title":"SCA to fully fund plan to expand the Suez Canal through its investment budget","author":"enterpriseam admin","date":"5 March 2024","format":false,"excerpt":"The authority will carry out studies for the project over the next 16 months","rel":"","context":"In &quot;Logistics&quot;","block_context":{"text":"Logistics","link":"https:\/\/enterpriseam.com\/egypt\/category\/logistics\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/3\/313.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":660476,"url":"https:\/\/enterpriseam.com\/egypt\/2025\/02\/12\/suez-canal-completes-egp-9-bn-southern-expansion\/","url_meta":{"origin":568186,"position":5},"title":"Suez Canal completes EGP 9 bn southern expansion","author":"enterpriseam admin","date":"12 February 2025","format":false,"excerpt":"PLUS- Lukoil awarded South Wadi El Sahl concession","rel":"","context":"In &quot;Also on our Radar&quot;","block_context":{"text":"Also on our Radar","link":"https:\/\/enterpriseam.com\/egypt\/category\/also-on-our-radar\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2025\/2\/1112.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/568186","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=568186"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/568186\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/568168"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/568187"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=568186"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=568186"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=568186"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=568186"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=568186"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}