The Suez Canal sets a new record.

According to the announcement, the Suez Canal set a new record with 107 ships passing through from both directions in a single day, carrying a total tonnage of 6.3 million tons without any delays.

Ossama Rabiee stated that the leap in the number of ships transported daily is due to the new Suez Canal project, which has improved the canal's capacity to accommodate larger vessels.

As part of an ambitious strategy to develop this waterway, Egypt is undertaking a southern development project that will allow for increased maritime safety in the area, along with adding approximately six more vessels to the canal's capacity.

This result was achieved just weeks after the Suez Canal reached its highest monthly revenue in history in January 2023, at $802 million.

Mr. Rabiee added that 2,155 ships passed through the Suez Canal in both directions in January 2023, an increase of 21.5% compared to the same period last year.

According to official statistics, the number of oil tankers transiting this international shipping route reached its highest level in January with 677 vessels. The total net cargo volume transported through the Suez Canal in January 2023 increased to a record 123.5 million tons, compared to 106.2 million tons in the same period of 2022.

Approximately 12% of global trade is transported through the Suez Canal. The canal, connecting the Mediterranean Sea and the Red Sea, opened in 1869 and is one of Egypt's key sources of foreign exchange. In 2022, the canal's revenue reached $7.9 billion, its highest annual revenue in history, while also seeing over 23,000 ships pass through, a 15% increase from 2021, and is expected to generate over $8 billion in revenue this year.

Egypt is currently accelerating the expansion and upgrade project of the Suez Canal by extending the two-way navigable section from 75 km to 85 km. With a total cost of approximately $191 million, the project is expected to be completed in June 2023 after two years of construction. Upon completion, the travel time for ships through the Suez Canal will be reduced to approximately 11 hours, from the current 13-15 hours.

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