Mon Dec 30 07:59:22 UTC 2024: ## Egypt Opens New Suez Canal Channel Amidst Revenue Plunge
**Cairo, Egypt** – Egypt has successfully completed the testing of a new 10km channel near the southern end of the Suez Canal, boosting its capacity by 6-8 ships daily. The expansion, announced Saturday, December 28th, 2024, increases the length of the canal’s two-way section to 82km, improving its efficiency and emergency response capabilities. However, this development comes against a backdrop of significantly reduced revenue.
Houthi militant attacks on vessels in the Red Sea since November 2023 have severely impacted the canal’s profitability. Egyptian President Abdel Fattah al-Sisi revealed a staggering $7 billion loss in Suez Canal revenue for 2024, representing a more than 60% decrease compared to 2023. These losses are attributed to the ongoing “regional challenges.”
The expansion project, accelerated following the 2021 Ever Given blockage, aims to mitigate future disruptions. Egypt is reportedly considering further expansion projects beyond the recently completed 10km channel. The Suez Canal remains a crucial global waterway, connecting Europe and Asia via the shortest maritime route.
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