The discounts will be applied from May 15 for 90 days on container ships that meet the standards, whether full or empty, Suez Canal authority said in a statement.

Revenue from the Suez Canal, a key source of foreign currency for Egypt, plunged to US$880.9 million in the fourth quarter of last year from US$2.4 billion a year earlier, following attacks on shipping by Yemen’s Houthis in the Red Sea and Bab Al-Mandab Strait. The Iran-backed Houthis say they are trying to shut off cargo bound for Israel in support of Palestinians in Gaza, but they are also chasing ships away from the canal.

Last week, Suez Canal authority chief Osama Rabie met with representatives from shipping agencies who called for temporary incentives that would help offset increased insurance costs for vessels operating in the Red Sea, which they deemed a high-risk zone.

The meeting followed an Oman-mediated ceasefire between the US and the Houthis, under which the US agreed to stop bombing the Houthis in Yemen in return for the group agreeing to stop attacking US ships. The accord with the Houthis does not include Israel.