Egypt plans expansion of Suez Canal

[divider style=”solid” top=”25″ bottom=”25″][dropcap]T[/dropcap]he southern section of the Suez canal where  Ever Given wedged sideways, blocking a key waterway and causing billions of dollars worth of damage to global trade will be expanded, head of  Suez Canal Authority (SCA), Osama Rabie has said.

Under the expansion project, the southernmost area of the canal, which is currently 30m long, will be widened by about 40m to the east.

The expansion will take around two years, Rabie said.

The Suez Canal, an artificial sea-level waterway, is one of the world’s most heavily used shipping lanes , facilitating about 12% of all global trade.

Ever Given, the Panama-flagged vessel, owned by Japanese ship-leasing company Shoei Kisen Kaisha Ltd. and operated by Taiwan’s Evergreen Marine Corp., became wedged in the canal on March 23, causing disruption to global traffic, before it was finally freed six days later.

The blockage forced more than 400 ships to stall in and around the canal, one of the world’s heaviest shipping lanes linking the Mediterranean and the Red Sea.

Also Read

Djibouti Port gets World Bank recognition

Africa’s richest people 2021 according to Forbes

theafricalogistics

Recent Posts

McDonald’s and Krispy Kreme Call It Quits: Doughnut Deal Ends Amid Mounting Costs

In a surprise development that’s caught the attention of food lovers and industry watchers alike,…

2 days ago

Nvidia Hits New High: What Its AI-Fueled Rally Signals for the Future of Tech Stocks

Nvidia Corporation (NASDAQ: NVDA) once again made headlines Wednesday as its stock surged to a…

2 days ago

Warehouse Storage Solutions: Optimizing Space with Racking and Mezzanine Systems

In today's fast-paced logistics and manufacturing environments, warehouse space is more valuable than ever. Efficient…

2 days ago

Inside Africa’s Warehouse 4.0: The Rise of Automated Storage Solutions

In recent years, the global logistics landscape has experienced a profound transformation driven by digitization…

3 days ago

Janney Montgomery Scott Sells Over 12,000 Halliburton Shares: What It Means for the Oilfield Services Giant

Investment advisory firm Janney Montgomery Scott LLC has adjusted its position in oilfield services leader…

4 days ago

Why Chery Chose Hybrids Over Full EVs for the South African Market

As the global auto industry accelerates toward full electrification, Chinese automaker Chery is charting a…

4 days ago