Tugs tow the Xin Hai Tong 23 after it ran aground on the Suez Canal in May. In the latest incident, a ship hit a bridge on the waterway on Wednesday. AP
Tugs tow the Xin Hai Tong 23 after it ran aground on the Suez Canal in May. In the latest incident, a ship hit a bridge on the waterway on Wednesday. AP
Tugs tow the Xin Hai Tong 23 after it ran aground on the Suez Canal in May. In the latest incident, a ship hit a bridge on the waterway on Wednesday. AP
Tugs tow the Xin Hai Tong 23 after it ran aground on the Suez Canal in May. In the latest incident, a ship hit a bridge on the waterway on Wednesday. AP

Suez Canal traffic held up after container ship hits bridge


Kamal Tabikha
  • English
  • Arabic

Traffic on a northbound lane of Egypt's Suez Canal was halted briefly on Wednesday after control of a container ship was lost and the vessel hit a floating bridge, officials said.

The Suez Canal Authority sent four tug boats to an eastern portion of the waterway to tow the ship, which ran into the bridge after its steering mechanism malfunctioned, a representative told The National.

The Netherlands-bound One Orpheus, which is 336 metres in length and 46m wide, was reportedly carrying 101,000 tonnes of cargo, the authority said.

Traffic through the canal was suspended after the incident but would return to normal once the ship was towed to safety, the authority’s chairman Admiral Osama Rabie said.

Adm Rabie said only northbound maritime traffic through the canal was affected as the incident occurred in a double-laned stretch, leaving a path clear for southbound vessels.

The ship was travelling along a part of canal near the city of Ismailia when it hit the Ahmed Mansy floating bridge.

The bridge was completed in 2017 to connect the canal’s eastern and western banks.

Maritime accidents are relatively uncommon on the Suez Canal, which receives about 12 per cent of the world’s maritime traffic each year.

In March 2021, a giant container ship called the Ever Given blocked the waterway for six days, causing billions of dollars of losses to shipping companies worldwide.

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Ten tax points to be aware of in 2026

1. Domestic VAT refund amendments: request your refund within five years

If a business does not apply for the refund on time, they lose their credit.

2. E-invoicing in the UAE

Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption. 

3. More tax audits

Tax authorities are increasingly using data already available across multiple filings to identify audit risks. 

4. More beneficial VAT and excise tax penalty regime

Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.

5. Greater emphasis on statutory audit

There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.

6. Further transfer pricing enforcement

Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes. 

7. Limited time periods for audits

Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion. 

8. Pillar 2 implementation 

Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.

9. Reduced compliance obligations for imported goods and services

Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations. 

10. Substance and CbC reporting focus

Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity. 

Contributed by Thomas Vanhee and Hend Rashwan, Aurifer

The Brutalist

Director: Brady Corbet

Stars: Adrien Brody, Felicity Jones, Guy Pearce, Joe Alwyn

Rating: 3.5/5

What can you do?

Document everything immediately; including dates, times, locations and witnesses

Seek professional advice from a legal expert

You can report an incident to HR or an immediate supervisor

You can use the Ministry of Human Resources and Emiratisation’s dedicated hotline

In criminal cases, you can contact the police for additional support

Updated: December 06, 2023, 4:15 PM