Egypt : Suez Canal Recorded Record Revenues in 2020-2021
#Industry #MaritimeTransport #Suez #Transport #EGYPT
Agence Ecofin
Tuesday 9 April 2024 Last update on Tuesday, April 9, 2024 At 11:18 AM

The latest works to extend the Suez Canal date back to 2015 and were aimed at doubling traffic to around a hundred ships a day.

Egypt is conducting a feasibility study into widening the Suez Canal to speed up transit times for ships and avoid potential blockages in this shipping lane.

“Two companies, ACE Moharram-Bakhoum and Dar Al-Handasah, are currently carrying out a feasibility study for the project and are considering possible partners. The initial studies have been completed and submitted to Egyptian President Abdel-Fattah El-Sisi, who will receive the final proposal when it is ready for approval,” informs the SCA (Suez Canal Autorithy).

The proposed plan is based on the directives issued in 2021 by the Canal Authority following the grounding of the giant vessel Ever Given. It involves “transforming single-track segments – 50 kilometres in the northern segment and 30 kilometres in the southern part – into double-track passages”, said Osama Rabie, its chairman.

This announcement comes at a time when Egypt is lobbying for a resumption of traffic through the canal, which has been less and less frequented since November 2023 due to escalating attacks by Houthi militias in Yemen. These attacks force ships to use the Cape of Good Hope. According to data published at the end of February by Bloomberg Intelligence, the canal’s revenues have fallen by nearly USD 700 million since the tensions began.

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