International chamber of shipping and suez canal authority commit to continue open communication

The International Chamber of Shipping and Egypt’s Suez Canal, according to ICS's release. Authority have re-signed an agreement 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 formalisation 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 decarbonisation.

Egypt is increasingly positioning itself as a key figure in the shipping sector’s decarbonisation, with plans to create zero emission fuels for export and use domestically. Egypt also hosted COP27 which was significant for ICS too, serving as the platform for the launch of the Tyndall Centre report ‘Shipping’s role in the global energy transition’ and more governments coming on board with the Clean Energy Marine Hubs initiative.