April Newsletter

April Newsletter

CMA CGM and Folk Maritime Launch North Red Sea Express Service

CMA CGM partners with Folk Maritime to introduce the North Red Sea Express (NRX) service in April 2024, aiming to boost connectivity between Jeddah Islamic Port and key destinations like NEOM, Sokhna, Aqaba, and Yanbu. This collaboration underscores Saudi Arabia’s bid to become a global logistics hub, with NRX deploying two vessels weekly to enhance cargo transfer efficiency, prioritize sustainability, and commence operations on April 9, 2024, marking a significant milestone in maritime logistics.

Ministry of Agriculture: Accessing Moroccan and Canadian Markets

Minister Al-Qusair announces the opening of Moroccan markets to Egyptian potatoes and Canadian markets to strawberries, supported by a report confirming successful entry procedures. Egyptian agricultural exports surged to 2.2 million tons, worth $1.5 billion in Q1, reflecting increased demand and global resilience amidst supply chain challenges.

Suez Canal Authority's New Berthing and Stay Fees

Effective June 1st, the Suez Canal Authority will enforce revised berthing and stay fees at Port Said and Suez berths, applicable to all ship types. Foreign vessels will incur toll fees calculated by length at $2 per meter per day, while Egyptian ships will pay in Egyptian pounds based on the same metric, with fractions rounded up.

CMA CGM Implements Rate Hikes on Asia-Mediterranean Shipping

CMA CGM has announced increased freight rates from Asia to the Mediterranean, effective May 1 to May 14, with prices for a 20-foot container to Western Mediterranean ports set at $3,800 and $5,200 for a 40-foot container. Additionally, rates to ports in the Adriatic Sea stand at $3,900 and $5,300, while those to the Eastern Mediterranean and Black Sea ports are similar. The shipping line also revealed rates of $5,100 to Algeria and $4,600 to Tunisia for 20-foot containers, with corresponding increases for 40-foot containers.

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