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Posts Tagged ‘New Suez Canal’

Drewry: New Suez Canal Revenue Projections Unfounded

Written by Abdelmonem Achour on . Posted in Maritime news

The recently inaugurated New Suez Canal will improve capacity, transit times and reduce delays, not least because it will likely be used by far fewer vessels than expected by its sponsors, according to Drewry Shipping Consultants.

The Suez Canal Authority (SCA) estimates that 8% of the world’s maritime traffic passes through its canal and believes that more will come now that a second passage has been added. It expects the New Suez Canal will help to nearly double the average number of vessels transiting per day from 49 to 97 and more than double the revenue to USD 13.2 billion within 10 years.

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.