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.
Revenue increases:
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
