Suez Canal earns record revenue of $7.9 bn in 2022
"The revenues of 2022 are the highest in the SCA's history," Osama Rabie, chairman of the Suez Canal Authority (SCA), told parliament
"The revenues of 2022 are the highest in the SCA's history," Osama Rabie, chairman of the Suez Canal Authority (SCA), told parliament
At first, the Suez Canal Authority demanded $916 million in compensation, which was later lowered to $550 million
The Suez canal, the proud boast of the world and not Egypt alone, was free. Profound is its importance in maritime history; for the Suez Canal offers the quickest maritime route from Asia and West Asia to Europe and the East Coast of the United States of America.
Reports said the Even Given was under way and heading for the Great Bitter Lake further along the canal, about 45km away. Boskalis, the salvage company involved in the rescue, said the ship would undergo a full inspection there.
For Indian market, this incident could lead to pressurise on certain industries that depend on Europe and the US.
The Ever Given, at 400 meters (1,312 feet), is almost as long as the Empire State Building is tall.
The Suez Canal, opened in 1869, has turned 150 in 2019. It took 11 years to construct the canal, which connects the Red Sea with the eastern Mediterranean Sea and extends 100 miles (160 km) from Port Said to the Gulf of Suez.
The new shipment passage, International North-South Transport Corridor (INSTC), is set to connect the Indian Ocean to the Persian Gulf through Iran to Russia and Europe.
