Egypt will earn $400 million. more annually. The date for completing the expansion of the Suez Canal has been set

In March 2020, the Panama flag was raised and operated by Taiwan’s Evergreen Marine Corp. kontenerowec ever given Stranded in a single-strand stretch of the southern part Suez Canal. For six days, navigation on one of the most important sea routes in the world was cut off, which caused serious disruptions to global transportation.

422 ships carrying 26 million tons of cargo were stuck at the entrances to the canal. According to the Suez Canal Authority, Egypt lost between 12 and 15 million dollars per day during the blockade of the canal.

The SCA initially claimed $916 million in damages, and eventually lowered its forecast to $550 million. This amount was to cover losses related to transit fees and the destruction of the waterway.

To avoid this kind of situation in the future, the Suez Canal administration decided to expedite the construction of the second branch in the southern part of the canal and the expansion of some sections of the first.

The Securities and Commodities Authority’s management expects to partly pay for the reconstruction of the canal thanks to the planned growth in February Transit fee to use this way. Treasury revenue will increase by $400 million annually. – Rabie argued in January of this year.

Cruise ships and gas tankers will not be affected by the 6% increase in transit fees, the Egyptian authorities responsible for the Securities and Commodities Authority decided.