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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.
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 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 cost of blocking shipping for almost a week through the Suez Canal, one of the world's busiest waterways, comes in at right around $1 billion. Suez Canal blockage: Captain of Ever Given not ...
The Egyptian government has calculated a $1 billion bill to get the MV Ever Given cargo ship unstuck in the Suez Canal.
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
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The 2015 inauguration of the New Suez Canal raised the Suezmax dimensions, and allowed larger ships. Thereby, the Cape Route became even less important, although it still is an alternative secondary route if the Suez Canal is somehow disrupted (for example, during the 2021 Suez Canal obstruction ), or to avoid paying fees for crossing the canal ...