A.P. Moller–Maersk will begin routing its container vessels back through the Suez Canal in early December under a new strategic partnership agreement with the Suez Canal Authority (SCA), marking the first major step toward restoring pre-crisis traffic levels after nearly two years of disruption.
SCA Chairman Osama Rabie said the deal follows months of technical and political consultations and represents “a cornerstone for the future of joint relations,” opening new avenues for collaboration in logistics, shipyard development, scraping, and container manufacturing. Maersk had recorded 1,158 transits in 2023 before the Red Sea crisis, generating $732.5 million for the canal.
Global diversions began in late 2023 amid escalating Houthi attacks on commercial vessels during Israel’s war on Gaza, forcing shipping giants to detour around the Cape of Good Hope—adding up to 14 days to voyages and significantly raising fuel and insurance costs. As a result, Suez Canal revenues plunged by more than 60% in 2024, costing Egypt close to $7 billion in lost income.
Rabie said stabilisation efforts—most notably the Sharm El-Sheikh peace agreement brokered by Egypt, the US, Qatar, and Turkey—alongside improvements in Bab Al-Mandab security were central to Maersk’s decision. CEO Vincent Clerc confirmed the company had prioritised seafarer safety and worked closely with Egyptian authorities to determine conditions for a safe, phased return. Discussions are ongoing with other major operators, including CMA CGM, expected to resume in December.
The SCA projects $4.1 billion in revenue for 2025, with a sharper rebound in 2026 as normal traffic patterns resume. Economists note that, should security conditions hold and the phased return of global carriers continue, Suez Canal earnings could return to pre-crisis levels—or exceed them—by 2027, buoyed by expansion works under way in the southern sector and upgraded shipyard and logistics infrastructure.
The canal, which carries about 12% of world trade, is “fully prepared to return to normal operations,” Rabie said, adding that Maersk’s return is a significant signal of renewed confidence in the canal’s resilience and long-term competitiveness.
