Executive Briefings

Egypt Opens Expanded Suez Canal, Hopes to Double Number of Ships Transiting Daily

Just one year after its announcement, Egypt's expanded Suez Canal is open for business. Egyptian President Abdel Fattah El-Sisi led the inauguration ceremony, which was attended by several Middle Eastern and European world leaders. The publicly-funded expansion cost about $8.5bn.

Expedited vessel transits and economic growth are Egypt's primary objectives in the Suez Canal Expansion project. Already the fastest route between Asia and Europe, the new developments will cut transit time from 18 to 11 hours. The canal's improvements include the construction of a 23-mile parallel channel which will allow two-way traffic and reduce waiting time.

More than 17,000 ships entered the Suez Canal in 2014, which is about 50 ships per day. Egypt expects the widening to increase traffic to about 97 ships per day and nearly 34,000 annually. The economic impact is expected to be immediate and substantial.

Read Full Article

Expedited vessel transits and economic growth are Egypt's primary objectives in the Suez Canal Expansion project. Already the fastest route between Asia and Europe, the new developments will cut transit time from 18 to 11 hours. The canal's improvements include the construction of a 23-mile parallel channel which will allow two-way traffic and reduce waiting time.

More than 17,000 ships entered the Suez Canal in 2014, which is about 50 ships per day. Egypt expects the widening to increase traffic to about 97 ships per day and nearly 34,000 annually. The economic impact is expected to be immediate and substantial.

Read Full Article