Egypt's Suez Canal has generated $153.4 billion in revenues and handled the passage of 1.1 million vessels since its nationalisation 69 years ago, Suez Canal Authority (SCA) Chairman Osama Rabie said Thursday. Speaking at a ceremony in Ismailia marking the anniversary, Rabie said the canal had carried a total of 33.076 billion tons of net cargo since 1956 and had undergone extensive upgrades to accommodate larger ships and heavier traffic. The channel's depth has more than doubled to 22 metres, vessel capacity has expanded from 30,000 tons to 240,000 tons, and double-lane stretches have increased from 27.7 km to 99 km. Egypt has added 692 marine units to the SCA fleet since the July 23, 1952 Revolution, including 113 since 2019, Rabie said. On Thursday, the authority inaugurated several new tugs, pilot launches and floating bridges, as well as a major water station to meet Ismailia's needs through 2037. "The Suez Canal remains the most important global waterway and will remain irreplaceable despite challenges," Rabie said, urging insurers to review the premiums charged on vessels transiting the route. The SCA has attracted international praise in recent years for its crisis management, Rabie said, and is pushing to localise shipbuilding and marine services to serve markets across Africa and the Arab world. Attribution: Amwal Al Ghad English
