Suez Canal hits new record

According to the announcement, a new Suez Canal record was achieved with 107 ships passing through from both directions in one day, with a total tonnage of up to 6.3 million tons without waiting.

Mr. Ossama Rabiee said the jump in the number of daily shipping vessels was due to the new Suez Canal project, which has improved the canal's readiness to receive large tonnage vessels.

Following an ambitious strategy to develop this waterway, Egypt is implementing a project to develop the southern area, which will allow to increase the rate of maritime safety in the area, along with adding about 6 ships to the canal's capacity.

This result comes just weeks after the Suez Canal achieved 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% over the same period last year.

According to official statistics, the number of oil tankers moving through this international shipping route reached its highest rate in January with 677 vessels. The total net volume of goods 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 in 2022.

About 12% of global trade passes through the Suez Canal. The canal, which connects the Mediterranean and Red Seas and was opened in 1869, is one of Egypt's key sources of foreign exchange. In 2022, the canal's revenue rose to $7.9 billion, the highest annual revenue in the country's history, and saw more than 23,000 ships pass through, up 15% from 2021 and is expected to make more than $8 billion in profit this year.

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

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