Maersk Posts Three Minute Suez Canal Run Video

Egypt spent US$8 billion on the canal extension, which was completed two years ahead of schedule. The construction of the new waterway, which runs alongside most of the existing canal, began less than a year ago. Numerous container ships sailed through as part of the trial, escorted by helicopters and navy ships.

The project took place under very heavy security, as the Sinai peninsula, which borders the canal, has suffered from continuous attacks by Islamist insurgents which have killed hundreds of police officers and soldiers since 2013. The State of Kuwait is proud of the Egyptian and Arab historical achievement of the New Suez Canal, he said, pointing to the deep-rooted bilateral ties in all fields.

The impressive “New Suez Canal” project will improve capacity, transit times and reduce delays, not least because it will likely be used by far fewer vessels than expected by its sponsors.

The Suez Canal Authority expects a windfall of additional revenue – $13.23 billion in annual revenue by 2023 from $5.3 billion in 2014, with the number of daily vessels rising from 49 to 97 over the same period, according to Reuters.

Ismail cited the SUMED pipelines in the Gulf of Suez and reception facilities in the port on Ain Sokhna as projects that will boost his nation’s ship fuelling industry and transform the Suez Canal into an important navigational corridor that generates “huge” revenues. Officials say the new route will be a symbol of the new Egypt.

The Egyptian people have invested a lot in the project with all of the funding coming from nationals within six days of asking, but without having seen the prospectus Drewry cannot see how the ambitious short-term projections can be met. The SCA’s net tonnage and tolls (based on NT) have been broadly flat for the past four years and have only just reached the pre-financial crisis levels of 2008.