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New Suez Canal Up and Running

Written by Abdelmonem Achour on . Posted in Maritime news

Egypt’s President Abdel Fattah Al-Sisi officially inaugurated the New Suez Canal in the port city of Ismailiya .

The USD 8 billion project, which took 11 months to complete, included the widening and deepening of 35 kilometers of the existing Canal up to a depth of 24 meters, as well as digging and creating 37 kilometers of the so-called ”second lane,” running parallel to the existing Canal.

The new 72-km section of the Canal is expected to bring three times more revenue to Egypt by 2023. Egypt expects that up to 20,000 ships will transit the route on a yearly basis. The new stretch of the Canal is also projected to cut transit times from 20 to about 11 hours.

In addition, over the next five years Egypt plans to invest into construction of an industrial and logistical zone along the canal in order to attract further investment into the area.

Trade analysts say that it is yet unclear whether the New Suez Canal will spur more traffic or better accommodate the major rise in throughput since 2011 as macroeconomic factors and toll levels may be far more influential in determining future shipment volumes than the introduction of the two-way traffic.

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Abdelmonem Achour

Abdelmonem Achour is a Tunisian maritime lawyer. He specialises in both commercial and the litigation aspects of shipping, admiralty, marine insurance, transport, logistics, international trade and marine environmental law, as well as maritime casualty response and subrogated recoveries. He heads up the practice’s Admiralty and Shipping department and is the Transport Headlight leader. He has advised a number of commodity traders and their insurers, underwriters and brokers in international trade and recovery matters. Having obtained his BA LLB at the University of Tunis, he was admitted as an Attorney around ten years ago, is the senior partner of the firm and heads up the practice’s Admiralty and Shipping department. He also obtained a post-graduate diploma in Corporate Law.

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