Today: Wednesday, 17 April 2024 year

Egypt’s Suez Canal breaks ‘unprecedented revenue records’

Egypt’s Suez Canal breaks ‘unprecedented revenue records’

Egypt’s Suez Canal achieved unprecedented records in January, the chairman of the state-run Suez Canal Authority announced. As Sky News has learned, the plan to expand the waterway will be completed in 24 months.

Suez Canal Chairman Osama Rabie noted on Tuesday that the unprecedented revenues could be seen in the “number of ships, net tonnage and the revenue,” noting that they were the “highest compared to the performance rates achieved during the successive months of January throughout the canal’s history.”

The chief also pointed out that the canal was used by “1,774 ships in January, compared to a total of 1,594 ships during January 2021,” adding that the net tonnage achieved in January amounted to “106.1 million tons, compared to 104.2 million tons last year.”

“In January, the canal revenues reached $544.7 million excluding navigation services, compared to $495.7 million during the same month of last year, marking a 9.9 per cent increase ($49 million),” Reuters reported.

To guarantee the expansion of an important transportation way, the chairman of the Suez Canal Authority (SCA) announced on Sunday a project to expand parts of the Suez Canal. According to the preliminary plan, it is expected to be completed after two years of work in July 2023.

The SCA announced accelerated plans to extend a second channel of the canal and to enlarge an existing channel after the Ever Given container ship ran aground and blocked the waterway for six days last year.

“The project will be completed in 24 months. We started in July 2021 and God willing we will finish in July 2023,” Osama Rabie confirmed on the sidelines of business event in Dubai.