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Suez Canal to double annual revenue by 2023

Saturday 16 February 2019 10:29 AM

suez canal
suez canal

The new channel of the Suez Canal, opened in August 2015, has paid off in the shortest possible time, the channel’s revenues are steadily growing and should double by 2023, the president of the Suez Canal Administration, Mohab Mamish, said.

“Navigation statistics in the Suez Canal, day after day, indicate a significant increase in both the number and tonnage of passing ships. This is reflected in the unprecedented growth in revenues from the new Suez Canal project, which allowed it to cover the construction costs in record time”, said Mamish.

At the end of the 2017-2018 fiscal year, revenues from the operation of the channel increased by $600 million compared with the 2017-2016 figures. “This is the largest increase in income in history. We expect that by the end of the current fiscal year, growth will amount to one billion dollars, compared with the Canal’s revenues before the launch of the new channel,” he added.

The Suez Canal, which connects the Mediterranean and the Red Sea, has a length of 163 kilometres and is the largest artificial waterway in the world. It accounts for 10-12% of the world’s sea freight turnover. On August 6, 2015, a new course of the Suez Canal was opened, with a total length of 72 kilometres, which made it possible to accelerate the passage of vessels in both directions.