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The expansion intended to nearly double the capacity of the Suez Canal, from 49 to 97 ships per day. [9] At a cost of LE 59.4 billion (US$9 billion), this project was funded with interest-bearing investment certificates issued exclusively to Egyptian entities and individuals. The Suez Canal Authority officially opened the new side channel in 2016.
This has had a significant impact on Egypt's revenue from the Suez Canal, which amounted to $9.4bn in the 2022-23 fiscal year. However, in the first 11 days of this year, the revenue from the Suez Canal has experienced a drastic decline of 40 percent compared to the same period in the previous year. [107]
The current channel depth of the canal allows for a maximum of 20.1 metres (66 ft) of draft, [2] meaning that a few fully laden supertankers are too deep to fit through, and either have to unload part of their cargo to other ships ("transhipment") or to a pipeline terminal before passing through, or alternatively avoid the Suez Canal and travel around Cape Agulhas instead.
The Suez Canal was blocked for six days from 23 to 29 March 2021 by the Ever Given, a container ship that had run aground in the canal. [4]The 400-metre-long (1,300 ft), 224,000-ton, 20,000 TEU vessel was buffeted by strong winds on the morning of 23 March, and ended up wedged across the waterway with its bow and stern stuck on opposite canal banks, blocking all traffic until it could be freed ...
The Egyptian government has calculated a $1 billion bill to get the MV Ever Given cargo ship unstuck in the Suez Canal.
As the Northern Sea Route is a strategically important transport artery, it can already be called economically profitable in comparison, for example, with the Suez Canal due to a number of reasons: [citation needed] Fuel savings due to reduced distance; The shorter distance reduces the cost of staff labor and chartering vessels;
The Dutch emergency response team hired to free the vast ship blocking the Suez canal has pulled off some dramatic recoveries, including lifting Russia's Kursk nuclear submarine from the Barents ...
Container ship: Subclasses (1) Geared or gearless (as per cargo-handling type) (2) Freighter or pure container (as per passenger carrier-type) (3) Feeder or world-wide foreign-going vessel (as per trade) (4) Panamax or post-Panamax vessel (as per breadth of vessel < or > than 32.2m respectively) Built: 1956–present: In service: 9,535 ships as ...