International Chamber of Shipping, Suez Canal Authority extends landmark agreement

The International Chamber of Shipping and Egypt’s Suez Canal Authority have re-signed an agreement in March covering key issues impacting international shipowners and operations of the Suez Canal.

The agreement was initially signed in May 2022 to increase information sharing and negotiations on the movement of global trade through the Canal. It represented a formalization of dialogue on matters of mutual interest between ICS and SCA.

The agreement has been signed for a further year long period, which is testament to the successful communication between ICS and SCA. It signifies an ongoing commitment to collaborating on matters that impact all stakeholders in the shipping industry, including long-term strategies for toll pricing, environmental protection, and decarbonization.

Egypt is increasingly positioning itself as a key figure in the shipping sector’s decarbonization, with plans to create zero emission fuels for export and use domestically. 

ICS Secretary General Guy Platten said: “This extension of the agreement between ICS and SCA shows the strength of collaboration between our organizations. The shipping industry as a whole increasingly recognizes the importance of working together to tackle collective challenges and achieve mutual goals. 

“The Suez Canal is a vitally important trade route for the shipping industry so it is a real positive development that we have a long-term commitment to working together to maintain open dialogue on matters impacting both shipowners and the authority.”

Photo credit: iStock/ AvigatorPhotographer

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