Suez Canal achieves safety record in ’23

The Suez Canal Authority (SCA) announced that maritime emergency incidents in the canal fell to just 0.06 per cent in 2023 — the lowest rate in its history — despite a record 26,434 vessels transiting the waterway during the year. The Authority presented these safety achievements during a high-level meeting with the International Union of Marine Insurance (IUMI), showcasing the proactive measures it has taken to ensure secure and efficient navigation through one of the world’s most vital trade routes.

SCA officials highlighted the Authority’s continued infrastructure upgrades, citing the recent development of the southern sector of the canal as a major milestone. The project has improved navigational safety by 28 per cent by reducing current intensity and allowing for greater manoeuvrability. These enhancements are reinforced by a comprehensive package of navigational services designed to create a safer and more reliable transit environment.

Discussions focused on the rising security threats in the Red Sea and their impact on marine insurance premiums for vessels passing through the region. Both parties exchanged views on refining risk assessment methodologies and enhancing data sharing to support more accurate modelling of maritime threats.

The SCA reiterated its commitment to safeguarding the canal’s operations through proactive engagement with global partners. Officials stressed that the improved safety indicators reflect the effectiveness of its emergency response measures and infrastructure investments — key advantages for shipping lines navigating today’s volatile supply chain environment.

IUMI representatives welcomed the Authority’s efforts, with Secretary General Lars Lange emphasising the Suez Canal’s strategic value to global supply chain resilience. He praised the continuous enhancement of SCA services and expressed interest in building future frameworks for data exchange and technical collaboration. Such steps, he noted, would help insurers develop more agile and effective responses to emerging risks.

At the close of the meeting, both sides agreed to maintain open lines of communication to monitor developments in the Red Sea and work jointly toward solutions that support the stability and security of global trade routes.