The Suez Canal Authority (SCA) reported a strong rebound in vessel traffic, with 229 ships transiting in October. This was the highest monthly figure since the onset of the regional crisis, according to SCA Chairman Osama Rabie.

Industry sources, including gCaptain, noted that between July and October, 4,405 vessels carrying 185 million metric tons passed through the canal, compared to 4,332 ships and 167.6 million tons during the same period last year. The Maritime Executive highlighted that while the number of ships grew by 2%, tonnage rose 10%, signaling the return of larger vessels to the waterway.

The Maritime Executive cited the SCA in its report, noting a 10% year-over-year increase in tonnage and a 2% increase in the number of ships, with the larger share in tonnage indicating larger vessels are resuming transits through the waterway.

Ocean carrier CMA CGA was the first alliance-operated carrier to resume crossings.  As The Maritime Executive reported, other major lines, including MSC, Evergreen, COSCO, and Hapag-Lloyd, are evaluating restarting operations once stability is assured.

Despite the positive developments, some challenges remain. As reported by gCaptain, it was raised in a recent meeting between representatives from 20 shipping lines and agencies at the SCA’s Ismailia headquarters that prohibitively high marine insurance costs are also slowing the return of operations.

Industry observers highlight that coordination with the International Maritime Organization on risk classification and insurance premiums will be key to sustaining the Canal’s recovery. Meanwhile, this need is set against the backdrop of security concerns. Over 100 attacks had been launched by Houthi militants on merchant ships in the Red Sea, the Gulf of Aden, and the Bab al-Mandab Strait since late 2023.

Source: gCaptain, Maritime Executive