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| Ship traffic in the Suez Canal | Photo: Reuters |
Egypt has tested a 10-kilometer (6.2-mile) extension of the Suez Canal. The Suez Canal, which connects the Mediterranean Sea with the Red Sea, is being expanded to increase its capacity due to increased shipping traffic. The increased shipping traffic has also put a lot of pressure on the canal.
The expansion was tested by two ships on Saturday, the Suez Canal Authority said in a statement, as development work was underway on the southern section of the canal.
Osama Rabi, head of the Suez Canal Authority, said that the canal's development activities will increase shipping safety and reduce the impact of water and wind currents on ships that navigate this waterway.
Many ships using the Suez Canal have previously been stranded by strong winds and sandstorms. In 2021, the massive container ship Ever Given became stuck in the canal, closing the canal for a week and causing billions of dollars in damage due to delays in cargo movements.
Osama Rabi said the expansion will allow an additional six to eight ships to pass through the canal per day. For this, a new shipping map has been created, which has already been published.
Egypt undertook the Suez Canal expansion project in 2015. The cost of the project is estimated at $8 billion. Several other smaller development projects will be implemented after the canal expansion.
The Suez Canal has long been an important source of foreign exchange for Egypt, which has been going through a major economic crisis in recent times.
According to the International Monetary Fund (IMF), Egypt's revenue from the Suez Canal has fallen by 70 percent since last year, due to attacks on ships in the Red Sea by Iran-backed Houthi rebels in Yemen.
The Houthi attack has prompted shipping companies to reroute their ships. Previously, about 10 percent of global trade used to pass through the Suez Canal. Many ships are now sailing around the southern coast of Africa to avoid the attacks.