STORY: Egypt's Suez Canal cuts transit, mooring fees for Red Sea yachts 
SHOOTING TIME: File
DATELINE: Oct. 13, 2024
LENGTH: 00:01:19
LOCATION: Cairo
CATEGORY: ECONOMY  

SHOTLIST:
1. various of ships passing through the Suez Canal

STORYLINE:

Egypt's Suez Canal Authority (SCA) announced Saturday 20-50 percent reductions in transit and mooring fees for certain yachts in the Red Sea.

"The move is part of the SCA's flexible marketing policies to encourage yacht tourism and develop marine tourism in the Red Sea region by providing facilities and incentives for yachts crossing the canal," the SCA said in a statement.

Effective Nov. 1, yachts traveling south to the Red Sea with tonnages of 300 or less will receive a 20 percent discount on return journey transit fees, provided that trips are completed within 60 days. 

The SCA statement added that yachts staying at the Ismailia yacht marina for more than 90 days will be granted a 20 percent discount on transit fees.

Yachts that complete transit procedures at a marina in Port Said or Suez will receive a 50 percent discount on mooring fees, provided that they do not stay overnight or use any services such as electricity and water.

SCA Chairman Osama Rabie said Sunday that Suez Canal revenues dropped by 60 percent since the beginning of 2024. The number of ships passing through the waterway decreased by 49 percent during the same time.

Rabie explained that the "current situation and unprecedented challenges in the Red Sea region" pushed shippers to seek alternative navigation routes.

Shortly after the outbreak of the Gaza conflict last October, Yemen's Houthi group began repeatedly attacking Red Sea ships that it asserts have links to Israel. These attacks were allegedly carried out in support of Palestine in its conflict with Israel.

The Suez Canal is a crucial source of foreign currency for Egypt, a country still grappling with economic woes.

Xinhua News Agency correspondents reporting from Cairo.
(XHTV)