Egypt is testing a new expansion of the Suez Canal
In 2021, the massive container ship Ever Given became stuck diagonally in the canal, halting trade for almost a week and causing delays that led to billions of dollars in losses.
Egypt has tested a new 10-kilometre (6.2-mile) extension of the Suez Canal as part of efforts to reduce the impact of currents on shipping and increase the waterway's capacity.
On Saturday, two ships navigated the new extension, according to a statement from the Suez Canal Authority.
Authority head Osama Rabie stated that the expansion in the southern part of the canal would "enhance navigational safety and lessen the effects of water and air currents on passing vessels." Ships have occasionally run aground in the canal, often due to strong winds and sandstorms.
In 2021, the massive container ship Ever Given became stuck diagonally in the canal, blocking trade for nearly a week and causing delays that resulted in billions of dollars in losses. The new extension is expected to increase the canal’s capacity by six to eight vessels per day, Rabie noted, and will be opened once new navigational maps are issued.
In 2015, Egypt carried out an $8-billion expansion of the waterway, followed by several smaller development projects. The Suez Canal has long been a crucial source of foreign currency for Egypt, which is currently facing its worst economic crisis.
According to the International Monetary Fund, revenue from the canal has dropped by as much as 70% since last year due to attacks on shipping in the Red Sea by Yemen’s Iran-backed Huthi rebels.
Before the attacks forced companies to reroute, the vital passage accounted for about 10% of global maritime trade.
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