Last Update 0:15
Wednesday, 23 October 2019

Breaking records on the Suez Canal

The Suez Canal has achieved record revenues since the inauguration of the New Canal three years ago, according to Chairman Mamish

Nesma Nowar , Friday 10 Aug 2018
New Suez Canal
A cargo ship crossing the New Suez Canal (Photo: Reuters)
Views: 4296
Views: 4296

Chairman of the Suez Canal Authority (SCA) Mohab Mamish said this week that the Suez Canal had achieved record revenues of $15.8 billion over the last three years in the period between August 2015 when the New Suez Canal was inaugurated and July 2018.

He made the remarks during an occasion marking the third anniversary of the New Suez Canal’s inauguration, adding that 52,199 ships had transited the canal during the period, representing a load of around three billion tons.

He said that the 2017-2018 fiscal year had seen the highest annual revenues in the history of the canal, reaching $5.6 billion, a $600 million increase over the previous year.

Flexible marketing policies and incentives granted to navigation lines, accompanied by the building of bridges and tunnels in the Canal Zone, had contributed to the increased revenues and the record number of vessels crossing the waterway, he added.

The New Suez Canal had achieved “national targets,” he said, describing it as a unique national project in which all Egyptians had participated through their efforts and financial contributions.

He said it was a “gift to humanity” that had contributed to transporting food, fuel, medications and other commodities in a faster way.

The Suez Canal is now better able to deal with advances in shipping technology and the growth in global trade, he said, and it had shortened the waiting times for ships wanting to cross the canal from 22 hours to 11. This had lowered transit costs by half, he said.

The building of the New Suez Canal had been imperative to receive bigger ships and to compete with rival routes, Mamish said.

Over the past three years, the canal had received the biggest and most advanced ships in the world after a series of measures to improve its performance had been taken, he added.

The cost of building the new canal had been some $20.48 billion, Mamish said, and the Suez Canal was the fastest-growing sector in the economy in 2017/2018, achieving a growth rate in revenues of 107 per cent.

In August 2015, Egypt celebrated the landmark inauguration of the New Suez Canal that saw the digging of a new 72-km long and 24-metre deep parallel canal in the middle section of the existing 145-year-old Suez Canal.

The digging of the canal was funded by the Egyptian people through investment certificates at an interest rate of 12 per cent. The funds were raised in a record six days in September 2014.

Besides shortening transit times, the new canal also provides two-way traffic, allowing a doubling of the number of vessels crossing the canal from 49 to 97 per day.

It is expected to increase the canal’s revenues from the current $5 billion annually to $13 billion by 2023.

*A version of this article appears in print in the 9 August 2018 edition of Al-Ahram Weekly under the headline: Breaking records on the canal 

Short link:


Ahram Online welcomes readers' comments on all issues covered by the site, along with any criticisms and/or corrections. Readers are asked to limit their feedback to a maximum of 1000 characters (roughly 200 words). All comments/criticisms will, however, be subject to the following code
  • We will not publish comments which contain rude or abusive language, libelous statements, slander and personal attacks against any person/s.
  • We will not publish comments which contain racist remarks or any kind of racial or religious incitement against any group of people, in Egypt or outside it.
  • We welcome criticism of our reports and articles but we will not publish personal attacks, slander or fabrications directed against our reporters and contributing writers.
  • We reserve the right to correct, when at all possible, obvious errors in spelling and grammar. However, due to time and staffing constraints such corrections will not be made across the board or on a regular basis.

© 2010 Ahram Online.