ICS, Suez Canal Authority sign pact

THE International Chamber of Shipping (ICS) and Egypt's Suez Canal Authority (SCA) has signed a landmark memorandum of understanding (MoU) covering key issues impacting international ship owners and operations of the Suez Canal.

The yearlong commitment, signed during a meeting at the SCA head office, will increase information sharing and negotiations on the movement of global trade through the Canal. It will open communication on long-term strategies for toll pricing, environmental protection and decarbonization. The MoU represents a formalization of dialogue between ICS and SCA.