A cargo ship is seen crossing through the New Suez Canal, Ismailia, Egypt. File
| Photo Credit: Reuters
Egypt said on Saturday (December 28, 2024) that it had successfully tested a new 10 km channel near the southern end of the Suez Canal, even as its revenue from the waterway has plunged since Yemen’s Houthi militants began attacking vessels in the Red Sea.
The Suez Canal Authority (SCA) said in a statement that during a trial run two ships passed through a new stretch of the canal’s two-way section without incident.
Following the 2021 grounding of the container ship Ever Given that blocked the vital waterway for six days, Egypt accelerated plans to extend the second channel in the southern reaches of the canal and widen the existing channel.
Its revenue from the waterway, the gateway to the shortest route between Europe and Asia, has nevertheless tumbled since Yemen’s Houthi militants began attacking ships in the Red Sea in November 2023 in what they say is solidarity with Palestinian militants in Gaza.
Egyptian President Abdel Fattah al-Sisi said on Thursday (December 26, 2024) that due to “regional challenges,” the country lost approximately $7 billion in Suez Canal revenue in 2024, more than a 60% drop from 2023.
According to the SCA, the latest expansion extends the total length of the canal’s two-way section to 82 km from 72 km, making the canal 193 km long.
“This expansion will boost the canal’s capacity by an additional 6 to 8 ships daily and enhance its ability to handle potential emergencies,” the SCA said in its statement.
Earlier this year, Egypt said that it was considering an additional expansion project separate to the 10 km channel extension.
Published – December 30, 2024 01:29 pm IST
