Developing the watercourse to face competing markets and alternative roads

Developing the watercourse to face competing markets and alternative roads

April 19, 2019
Admiral Mohab Mameesh, Chairman of the Suez Canal Authority and the General Authority of the Canal, confirmed that the Authority deals with the challenges of the competitive market and alternative roads professionally. This is done through continuous development of the navigation course, and thanks to the Authority’s flexile marketing policies to attract new shipping lines; this guarantees that the Canal will always remain the fastest, safest, and most economical route.
 

Mameesh noted that the canal accommodates 100% of the container trade between Asia and Europe. In the last eight years the average transit trade rates achieved an average annual growth of 5.4%.

He added that the Canal achieved its highest annual revenue in 2018, recording 5.7 billion dollars, an increase of 450 million dollars and 8.5% annual growth. The country adopted a strategy to maximize the utilization of the Canal’s unique geographic location by digging a new channel parallel to the original, in order to increase its efficiency in dealing with emergencies, and its ability to receive giant vessels.

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