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All you need to know about the New Suez Canal

Friday, 04 October 2019 | 16:00

Cost: EGP 20 billion and 417 million
Duration: 354 days
Objective of the project: To reduce transit time of ships through the Suez Canal to achieve more profitability.
Project description: Construction of the new Suez Canal from KM 60 to KM 95, in addition to expanding and deepening the branches of the Great Lakes and Balah Lake with a total length of 37 km (total length of the project 72 km).

Project idea:

Establishing a new parallel water channel and maximizing the utilization of the existing canal and its branches with the aim of achieving the greatest percentage of double-direction without the stoppage of vessels in waiting areas within the channel, in addition to reducing the transit time of passing ships. It also will increase its capacity for the passage of ships in light of the expected growth of the global trade volume in the future, in conjunction with the development project in the Suez Canal area and to raise the degree of confidence in the channel as the best shipping lane in the world. The new water channel will without a doubt reduces the value of thought in competitive alternative channels in the world and the region. It also raises confidence in Egypt’s readiness for the success of the development project in the Suez Canal area. All the aforementioned positive points is reflected in the increase of the Egyptian national income of foreign currency pouring directly into the state treasury, in addition to creating the largest number of job opportunities for Egyptian youth and create new urban communities.

Project goals:

– Increasing the Egyptian national income from foreign currency.
– Achieving the highest percentage of double-direction in the Suez Canal and increasing it to 50% throughout the length of the waterway.
– Shorten the transit time to be 11 hours instead of 18 hours for the North convoy(s).
– Reduce the waiting time for ships to be 3 hours in the worst conditions instead of (8 to 11 hours), which reflects on the reduction of the cost for the ship owners and raise the degree of valuation of the Suez Canal.
– To contribute to the increasing demand for the use of the channel as a major international shipping lane and raise the degree of its global classification.
– Increasing the capacity of the passage of vessels in the canal to meet the expected growth of the world trade volume in the future.
– An important step on the road to the success of the development axis project in the Suez Canal area and pushing the wheel of the Egyptian national economy to transform Egypt into a global trade hub and a global logistics center.

Project Outcome and Profits

– Increasing the channel’s capacity to 97 standard ships in 2023 instead of 49 as in 2014.
– Achieve direct non-stop transit of 45 vessels in both directions with the possibility of allowing ships to pass up to 66 feet of submersible in all parts of the Canal.
– To increase the Suez Canal revenues by 259% in 2023 to $ 13.226 billion compared to the current revenue of $ 5.3 billion. This leads to a direct positive impact on the Egyptian national income of foreign currency.
– Increase employment opportunities for the people of the cities of the Canal and Sinai and neighboring governorates with the creation of new urban communities.
– Maximize the competitiveness of the channel and distinguish it from similar channels around the world.
– The improvement of the global classification of the course of navigation as a result of increased rates of navigation safety during the passage of ships.
Source: Egypt Today

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