Suez Canal Authority Optimistic on Recovery as CMA CGM Mega-Vessels Return

The Suez Canal Authority (SCA) is striking an optimistic tone regarding the return to normalcy for transit operations, after the vital waterway witnessed the passage of three ultra-large container vessels operated by CMA CGM in just one week.

This positive signal comes just a day after the UN Security Council voted overwhelmingly to renew sanctions against the Houthi forces in Yemen, who have carried out attacks on commercial shipping, forcing vessels to avoid the Red Sea. The SCA now believes the situation is de-escalating and major vessels are beginning to route back through the canal.

The Return of the "Giants"

On November 15, the Suez Canal celebrated a significant operational milestone as the newly delivered CMA CGM Helium made its maiden voyage through the waterway. Delivered by South Korea’s HD Hyundai Samho shipyard last month, the 335-meter vessel with a gross tonnage of 130,000 tons is part of a series of 12 new dual-fuel methanol-powered container ships being built for CMA CGM – the world’s third-largest container carrier. The vessel transited the canal as part of the northbound convoy, en route from Singapore with a scheduled call at Egypt's Alexandria port.

Another CMA CGM container ship, the CMA CGM Jules Verne, also transited the waterway in the northbound convoy from Singapore to Lebanon after safely passing through the Red Sea and the Bab El-Mandab Strait. This development follows the Houthi pledge to cease attacks on shipping following a ceasefire between Israel and Hamas.

Built in 2013, the journey of this 396-meter vessel with a gross tonnage of 176,000 tons marked its first northbound transit via Bab El-Mandab, and its third transit through the canal this year. The SCA highlighted that the Jules Verne is resuming transits following two recent southbound voyages in June and September of this year, with the decision to transit driven by incentives introduced in June.

At that time, the SCA introduced an incentive program offering a 15% reduction in transit fees for container ships with a net tonnage exceeding 130,000 tons to encourage liners to resume operations through the waterway.

The passage of the Helium and Jules Verne comes just a week after another CMA CGM vessel, the CMA CGM Benjamin Franklin, became the largest container ship to transit the canal in the past two years. The 399-meter vessel, with a tonnage of 177,000 tons and a capacity of 17,859 TEU, transited the waterway as part of the northbound convoy from the United Kingdom to Malaysia, before safely passing through the Bab el-Mandeb Strait.

Message from SCA Leadership

Commenting on these positive developments, Admiral Ossama Rabie, Chairman of the SCA, stated: "The restoration of calmness once more to the Red Sea region will impose a new reality on the shipping community; that is the necessity of serious consideration by the shipping lines of amending navigation schedules so as to return to transiting through Bab el-Mandab and the Suez Canal once more."

Revenue Outlook and Political Context

The SCA is confident that the gradual return of transits through the Suez Canal – which, prior to the Houthi attacks, was one of the world’s busiest waterways handling about 12% of global trade volume – will lead to improved revenue. The authority forecasts generating $4.2 billion in 2025, up from last year’s $3.9 billion. However, this figure still falls significantly short of the record $10.2 billion revenue achieved by the canal in 2023.

To achieve its revenue targets, the SCA is hoping the current calm in the Red Sea will be sustained. As part of measures to further weaken Houthi forces in Yemen, the Security Council agreed to extend sanctions against the armed group for another year until November 14, 2026. The resolution to renew sanctions garnered 13 votes in favor, with Russia and China abstaining.

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Source: Phaata.com (According to Maritime-Executive)

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