Suez Canal- W. M. WELCH via Wikimedia
CAIRO – 03 July 2017: Revenues of the Suez Canal hiked in 2017 due to traffic increase came as a result of the canal’s extension, head of Suez Canal Authority Mohab Mamesh said.
In a Sunday interview with MBC Masr’s Sherif Amer ‘Yahdoth Fi Masr’ (Happening in Egypt) talk show, Mamesh said the canal’s revenues will double by 2023 as the new canal decreased sailing period of ships to 11 hours.
Egypt's Suez Canal revenues rose to $439.8 million in May from $427.9 million in April, according to a June report from the authority.
About 3,200 vessels have transited the Suez Canal over a year and half, paying $670 million as fees, Mamesh said in June.
New Suez Canal in numbers
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, allowing two-way traffic.