Egypt successfully tested a new 10 km channel near the southern end of the Suez Canal, aiming to boost capacity and handle potential emergencies. However, revenue from the waterway has significantly declined due to attacks on ships in the Red Sea by Yemeni Houthi militants.
Egypt announced on Saturday the successful testing of a new 10 km channel near the southern end of the Suez Canal . This development comes amidst a significant decline in revenue from the waterway since Yemen's Houthi militants began attacking vessels in the Red Sea in November 2023. The Suez Canal Authority reported that two ships successfully navigated the new stretch of the canal's two-way section during a trial run without any issues.
Following the 2021 grounding of the Ever Given container ship, which blocked the crucial waterway for six days, Egypt expedited plans to expand the second channel in the southern region of the canal and widen the existing channel. Despite these efforts, revenue from the canal, a vital link between Europe and Asia, has plummeted due to the Houthi attacks. Egyptian President Abdel Fattah al-Sisi stated on Thursday that the country had lost approximately $7 billion in Suez Canal revenue during 2024, representing a more than 60% decrease compared to 2023, attributing the loss to 'regional challenges'. The Suez Canal Authority revealed that the latest expansion increases the total length of the canal's two-way section to 82 km from the previous 72 km. The canal spans 193 km in total. The authority emphasized that this expansion will enhance the canal's capacity by accommodating 6 to 8 additional ships daily and bolster its ability to handle potential emergencies. Earlier this year, Egypt disclosed plans for a further expansion project, distinct from the 10 km channel extension
Suez Canal Egypt Houthi Militants Revenue Decline Expansion
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