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After Egypt closed the Suez Canal at the beginning of the Six-Day War on 5 June 1967, the canal remained closed for eight years, reopening on 5 June 1975. [8] The Egyptian government launched construction in 2014 to expand and widen the Ballah Bypass for 35 km (22 mi) to speed up the canal's transit time.
The New Suez Canal is expected to expand trade along the fastest shipping route between Europe and Asia. The new canal allows ships to sail in both directions at the same time. This decreases transit time from 18 to 11 hours for most ships. The expansion is expected to double the capacity of the Suez Canal from 49 to 97 ships a day. [3]
In total, 20,649 vessels transited the Suez Canal in 2021 - an increase of 10% over 2020. [7] In 2022, annual revenue stood at $8 billion in transit fees. [8] The Suez Canal set a new record with annual revenue of $9.4 billion in USD for the fiscal year that ended June 30, 2023. [9] Suez Canal monthly revenue In USD
Other cruise lines are continuing to transit the Suez Canal between Port Said and Suez in Egypt, but are making substantial changes to the planned itineraries. Oceania’s Nautica, which begins a ...
Vessels longer than 400 metres (1,300 ft) need permission from the Suez Canal Authority to transit the canal. As of 2020, the largest container ships in service all have a length of (close to) 400 metres, and a beam and draft that fit just within the limits of the canal.
Egypt said on Saturday that it will increase transit fees for vessels, including oil-laden tankers, passing through Suez Canal, one of the world’s most crucial waterways. The Suez Canal ...
The Bab-el-Mandeb acts as a strategic link between the Indian Ocean and the Mediterranean Sea via the Red Sea and the Suez Canal. Most exports of petroleum and natural gas from the Persian Gulf that transit the Suez Canal or the SUMED Pipeline pass through both the Bab el-Mandeb and the Strait of Hormuz. [4]
The canal is a key source of scarce foreign currency for indebted Egypt, which spent an estimated $8.2 billion on an expansion of the canal that opened in 2015 and included the creation of a 35-km ...