Egypt proudly celebrated the 8th anniversary of the New Suez Canal, marking a significant milestone in its maritime history. Since its inauguration on 6th August 2015, the canal has witnessed remarkable growth, recording a 55.1 percent increase in canal traffic and an impressive 77.4 percent surge in revenue between the fiscal years 2013/14 and 2022/23, soaring from $5.3 billion to an astounding $9.4 billion.
The expansion project has been a game-changer, increasing the total length of the Suez Canal by approximately 17.8 percent, reaching 193.3 km, while also more than doubling the waterway's depth to 24 meters. This transformation has allowed the canal to handle a broader capacity, accommodating 45 ships at a time in both directions. As a result, the average transit time for ships has significantly reduced from 18 hours in 2014 to just 11 hours in 2023.
The recent upgrade has propelled the canal to surpass previous records, setting new milestones in revenue generation. In the first quarter of 2023 alone, quarterly revenues reached an all-time high, hitting an impressive $2.3 billion, with a staggering $904.4 million earned in April alone.
On 13th March, the canal achieved a remarkable feat by facilitating the smooth transit of 107 ships in a single day without any interruptions. This unprecedented accomplishment further solidifies Egypt's position as a global maritime hub, essential for facilitating world trade.
When the New Suez Canal project was initiated, the Egyptian government utilized investment certificates, sold to Egyptian nationals and valued at EGP 64 billion, to finance the parallel waterway. This investment has undoubtedly paid off, as the canal now stands as Egypt's second-largest revenue source, following closely behind the flourishing tourism sector.
Approximately 12 percent of the world's trade flows through the Suez Canal and its parallel waterway, underlining its indispensable role in global commerce. The canal's strategic location and improved infrastructure have not only bolstered Egypt's economy but also facilitated smoother and more efficient international trade.
As the New Suez Canal continues to set records and contribute significantly to Egypt's economic growth, the nation takes immense pride in this monumental achievement. With its expanded capacity and efficient operations, the canal stands ready to further propel Egypt's maritime prominence and solidify its position as a vital player in the global trade landscape.
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