Egypt’s Suez Canal continues to dominate as the important and fastest maritime shipping corridor in spite of facing economic crunches in 2015 and 2016.
The Egyptian Suez Canal Authority Mohab Mamish confirmed in a statement that,“the Canal’s revenues stood at $2.938 billion from January to July. Its revenues jumped to $446.3 million in July from $427.2 million in June, according to Reuters’ calculations. In July last year, revenues stood at $429 million”.
Increase in traffic:
Adding to the increase in revenue, increasing number of ships have also passed through the Canal amounting to 9,949 ships, an increase of 2.1 percent each year.
New waterway unveiled:
In August of 2015, Egypt opened a new 35-kilometer waterway alongside the original 190 km Suez Canal, plus a 37-kilometer expansion and deepening of some parts of the existing one.
The new artificial waterway, which is part of a larger project to expand Suez port, ship facilities and build large industrial zones, is designed to raise Egypt’s international profile, and build the nation as a major trade hub.
This position has further established the dominance of Suez Canal as the most important and fastest maritime shipping corridor in the World.
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Source: Marine Link