# Six Quick Facts About the New Suez Canal



## Geoff Gower (Sep 8, 2011)

1. The Suez Canal links the Mediterranean Sea and the Red Sea, offering the quickest shipping route between Asia and Europe and saving an estimated 15 days of journey time on average. The canal is managed by the Suez Canal Authority (SCA), which is wholly owned by the Egyptian Government since the canal was nationalised in 1956.

2. The new parallel waterway is 35 km long. That, in addition to 37 km of the existing canal that have been deepened and widened, brings the project total to 72 km which the government says will allow two-directional traffic.

3. President Abdel Fattah al-Sisi ordered the new passageway be completed within a year, instead of the original three-year projection. The Suez Canal Authority says more than 43,000 people worked on digging and constructing the new canal, which will cut southbound crossing time from 18 to 11 hours.

4. Traffic through the existing canal constitutes 8 percent of global shipping traffic, the Suez Canal Authority says. After the expansion the SCA expects the daily average number of vessels passing through the Canal to nearly double to 97 by 2023 from 49 currently.

5. The government expects the new canal to increase revenues from about $5.3 billion a year now to $13.23 billion by 2023, although some economists dispute this figure.

6. To fund the massive project, the government raised $8.5 billion from Egyptians, who bought investment bonds with quarterly dividends of 12 percent promised to all investors. The government hopes the new canal will double the country’s trade income, as well as contribute towards 1 million new jobs in the entire Suez Canal Zone development.

Source: New Suez Canal website


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## trotterdotpom (Apr 29, 2005)

Where will the extra ships come from? Won't it be the same number of ships just transitting more quickly? Call me old fashioned, but unless the raise the rates, won't the profit remain the same?

Will you still have time to buy those cute camels stuffed with bloody bandages?

John T


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## Orbitaman (Oct 5, 2007)

In an attempt to recoup some of the cost, as of today, all ships transitting the canal must have charts of the canal published by the Egyptian Hydrographic Office onboard. No doubt there will be a suitable fine imposed by way of Marlboro cigs and a financial top up for not complying!


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## China hand (Sep 11, 2008)

Orbitaman said:


> In an attempt to recoup some of the cost, as of today, all ships transitting the canal must have charts of the canal published by the Egyptian Hydrographic Office onboard. No doubt there will be a suitable fine imposed by way of Marlboro cigs and a financial top up for not complying!


You surely aren't suggesting that some Suez Canal Authority folks are tempted to be corrupt, are you?


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## Samsette (Sep 3, 2005)

What will happen to those boatmen you carried in transitting the canal.
Will ships no longer need to tie up for any reason, now that there is a ditch in both directions?
Say what you will about Egyptians and corruption - and it is mostly true, I suspect, but they have been running it, and even improving it, since the days President Nasser nationalized it. And all in spite of the dire predictions coming from the UK, that without British pilots the Gyppos would soon have it plugged with wrecks. Didn't happen.


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## Varley (Oct 1, 2006)

Ah, but it did of course. De Lesseps's canal was closed between 1967 and 1975. I am sure the nationality of the pilots would have made no difference but the control of the 'zone', denied us by the US, probably would have.


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## Keltic Star (Jan 21, 2006)

trotterdotpom said:


> Where will the extra ships come from?
> 
> Will you still have time to buy those cute camels stuffed with bloody bandages?
> 
> John T


No, but if Geoff Gowers facts are right, you will be able to buy an investment bonds with quarterly dividends of 12 percent!


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## trotterdotpom (Apr 29, 2005)

Who is Geoff Gowers? Sounds like a 21st Century Gillie Gillie man.

John T


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## Samsette (Sep 3, 2005)

Varley said:


> Ah, but it did of course. De Lesseps's canal was closed between 1967 and 1975. I am sure the nationality of the pilots would have made no difference but the control of the 'zone', denied us by the US, probably would have.


But that was because of the Yehudis and their aggression. You may remember that they stood on the Sinai side of the canal throughout that period. The Gyppos may be oftimes corrupt and uncoordinated but,
the loss of canal revenue was not to their advantage. 

I do not understand your "control of the zone......etc." remark.


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## Varley (Oct 1, 2006)

#9 - When Eden wanted to invade Suez (I know the 'Zone' was used more commonly for the US control zone of Panama) , with France, the US demurred because it would have been a colonial expansionist manoeuvre.


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## Samsette (Sep 3, 2005)

Varley said:


> #9 - When Eden wanted to invade Suez (I know the 'Zone' was used more commonly for the US control zone of Panama) , with France, the US demurred because it would have been a colonial expansionist manoeuvre.


The Brit forces used the term zone, for the areas adjacent to the canal where they had bases.

You forgot to mention Israel; they were in on it too. I think demurred a tame word for how President Eisenhower reacted. He told them to haul ass out of there. President Eisenhower was the last US president ever to tell Israel what they should do.


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## Keltic Star (Jan 21, 2006)

trotterdotpom said:


> Who is Geoff Gowers? Sounds like a 21st Century Gillie Gillie man.
> 
> John T


Poster #1


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## trotterdotpom (Apr 29, 2005)

Keltic Star said:


> Poster #1


Whoops, thanks KS, sorry, Geoff, missed the name.

Wouldn't you have to be a pretty gutsy investor to speculate in that neck of the woods? I think I'll stick with the Commonwealth Bank.

John T


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