Economy

152-year-old Suez Canal maintains its significance

Providing shortest maritime route between Europe and Pacific ocean, canal hosts around 18,000 ships annually

Gokhan Ergocun   | 17.11.2021
152-year-old Suez Canal maintains its significance

ISTANBUL

The 152-year-old Suez Canal, assuming 12% of the global trade traffic, maintains its importance in world trade and contributes to Egypt's economy.

The canal, which opened on Nov. 17, 1869, is an artificial sea-level waterway connecting the Mediterranean Sea and the Red Sea.

Providing the shortest maritime route between Europe and the lands lying around the Indian Ocean and the western Pacific Ocean, the canal hosts around 18,000 ships annually.

Goods worth around $10 billion pass through the canal daily, making it a critical trade route.

Around 12% of the global trade is conducted through the 120-mile canal, which has a 78-ft depth and 673-ft width.

When the canal was established, its length was 101.9 miles and its depth was only around 26 feet.

The canal, with only a permissible draft of 66-ft, can be passed by 61.2% of the tanker fleet, 92.7% of the bulk carrier fleet, and 100% of the container ships and other ships.

Earlier this year, one of the largest container ships -- the Ever Given -- was stuck in the canal for 106 days and caused a big loss both in the global trade and Egypt's economy.

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