After the official approval for expanding the Suez Canal last week, the Suez Canal Authorities have finally started expanding the canal.
After the Ever Given ship grounding incident in the Suez Canal had halted the global maritime trade for 6 days, the Suez Canal Authority has announced that the canal will be widened and deepened at the narrow stretch where the ship ran aground.
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.
On 6 August, the Suez Canal expansion project becomes operational. But the jury is out on whether it will spur more traffic or better accommodate the major rise in throughput since 2011. And many market participants say traffic is more sensitive to transit fees.
The finish of the Suez Canal project is in sight. The dredging of more than a million cubic meters of sand a day is unprecedented. And this assignment has also pushed back the boundaries in terms of speed, and the deployment of equipment and manpower.