A cargo ship is seen crossing through the New Suez Canal in a ‘test run’ held July 25, 2015. REUTERS/Stringer
CAIRO, Nov 25 (Reuters) – Egypt plans to complete a side channel in East Port Said, near the Suez Canal, that would speed up shipping and allow ships direct entry into the port by the end of June 2016, Mohab Memish, head of the Suez Canal Authority, said on Wednesday.
The new channel dredging will cost $36 million, of which $7.5 million will be financed by the Suez Canal Container Terminal (SCCT), Memish said. SCCT is 55 percent owned by APM Terminals, part of Maersk Group.
“We are building the side channel which will allow the ships to enter from open waters directly into East Port Said,” said Memish at a news conference in Ismailiya. Currently vessels that come through East Port Said have to be coordinated with the Suez Canal convoy.
“There was a problem with the ships that enter East Port Said which have to wait between seven to 10 hours to enter the port,” Memish said, adding that he expects the new channel to increase traffic at the port by 2020 to reach 12 million containers.
The new channel will be 9.5 kilometres long, 17 metres deep, and 250 metres wide and the total cost of the project will be $60 million, according to a statement from the SCCT.
In August Egypt launched an $8 billion Canal extension project which it expects to bring in $13.23 billion in annual revenue by 2023 from just over $5 billion in 2014. (Reporting by Asma Alsharif, Mostafa Hashem and Youssry Ahmed; Editing by Greg Mahlich)
(c) Copyright Thomson Reuters 2015.
Tags:
Unlock Exclusive Insights Today!
Join the gCaptain Club for curated content, insider opinions, and vibrant community discussions.
(Bloomberg) — Ukraine’s fight against Russia’s invasion has entered a new phase, pitting homegrown drone technology against a 2,000 kilometer (1,200 mile) swathe of largely Soviet-era oil facilities. At least...
March 19 (Reuters) – Tanker company Euronav will exit Belgium’s blue-chip Bel-20 index after just two days of trading, as it no longer meets the membership conditions after its takeover by Compagnie Maritime...
MOSCOW, March 19 (Reuters) – The new head of Russia’s Navy was formally presented in his new role for the first time on Tuesday at a pomp-filled ceremony, the state RIA news agency reported,...
March 19, 2024
Total Views: 2487
Why Join the gCaptain Club?
Access exclusive insights, engage in vibrant discussions, and gain perspectives from our CEO.
This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.