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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 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 Orsova in 1955, when her hull was mostly golden ochre in colour. SS Orsova, was a British ocean liner, built by Vickers Armstrong in Barrow-in-Furness, England, for the Orient Steam Navigation Company (Orient Line) for their Great Britain-to-Australia services via 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
The Egyptian government has calculated a $1 billion bill to get the MV Ever Given cargo ship unstuck in the Suez Canal.
Cruise itineraries in the Middle East are in disarray due to the unfolding tragedy in Israel and Gaza.. One leading cruise line has cancelled its entire Red Sea programme through to 17 April 2024 ...
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 ...