Suez Canal - File Photo
CAIRO – 6 August 2017: Suez Canal revenues in the second quarter (Q2) of 2017 recorded $2.105 billion, $62.2 million increase compared to the corresponding quarter.
Commemorating two years of digging the New Suez Canal, chairman of the Suez Canal Authority Mohab Mamesh stated that 7,294 ships passed through the canal in Q2 2017, compared to 7,021 ships in Q2 2016, with 3.9 percent increase.
On a larger level, Suez Canal revenues in 1H 2017 registered $2.938 billion, up from $2.919 billion, Mamesh said. More than 9,900 ships crossed the canal during that period, compared to 9,745 ships in 1H 2016.
Two months after taking office, President Abdel Fatah al-Sisi launched in August 2014 an $8.2 billion project to dig a new extension to the Suez Canal, to expand its capacity to 97 ships per day. The project is expected to bring the canal’s revenues to $13.5 billion by 2023, up from annual revenue of $5.5 billion by 2014.
The original canal had the capacity to handle all ships except for the giant oil tankers, which was addressed by the new extension.
Expecting to attract more ships to bypass through the canal, the new project, started operations in August 2015, reduced the sailing period for ships by 10 days, allowing two-way traffic.