Suez Canal, the Fastest Maritime Corridor

By Aiswarya Lakshmi August 6, 2017

Egypt's Suez Canal has maintained its classification as the most important and fastest maritime shipping corridor despite the economic challenges faced by the world in 2015 and 2016, reported Xinhua quoting head of the Egyptian Suez Canal Authority Mohab Mamish as saying.

A statement from the canal's authority said on Sunday that its revenues stood at $2.938 billion from January to July.

Its revenues jumped to $446.3 million in July from $427.2 million in June, according to Reuters' calculations. In July last year, revenues stood at $429 million.

Mamish said in a press statement that the number of vessels crossing the Suez Canal during the period mentioned amounted to 9,949 ships, an increase of 2.1 percent year on year.

In August of 2015, Egypt opened a new 35-kilometer waterway alongside the original 190 km Suez Canal, plus a 37-kilometer expansion and deepening of some parts of the existing one.

The new artificial waterway, which is part of a larger project to expand Suez port, ship facilities and build large industrial zones, is designed to raise Egypt's international profile, and build the nation as a major trade hub.