Suez Canal Expansion Planned To Be Completed By July 2023

The Suez Canal Expansion plan is viewed to be executed by July 2023. On Sunday, Osama Rabie, the chair of the Suez Canal Authority (SCA), declared plans to extend the canal’s second channel and to expand an existing channel.

This came through after the huge container ship, the Ever Given, had run aground in 2020, blocking the crucial waterway for almost a week. Rabie also added that the canal’s revenues are expected to hit $7 billion this year vs. $6.3 billion recorded last year, during an interview with Asharq television of Saudi Arab.

The southernmost part of the Suez Canal, where Ever Given got stuck, is planned to be deepened from 66 feet to 72 feet, per plans announced previously.

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Rabie said that this is going to enhance shipping navigation by about 28% in the critical part of the canal. The SCA and its enterprises have been developing the project.

When asked about oil passing via the Suez Canal or shipping Iranian fuel despite the US sanctions on Iranian oil sales, he mentioned that there is no discrimination when it comes to country flags on vessels, and Iranian oil passes via the Suez Canal.

A Lebanese-backed group named Hezbollah transported Iranian fuel in 2021, a plan aimed at fighting against shortages. Shipments had been routed through Syria to prevent complications related to sanctions.

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Source: Maritime Shipping News