Suez canal is a manmade sea-level waterway in Egypt, which connects the Red Sea and the Mediterranean sea. This canal divides the world’s 2 largest continents Asia & Africa. This canal’s construction began in 1859 and the canal’s construction completed in 1869. The length of the Suez canal is 193 kilometres. There are 2 points of the Suez canal, the start point is the Port said and the endpoint is the Suez port. Suez canal control under the Egypt Government. For the Suez canal so many middle east countries war with Egypt. This canal plays a very important role in world waterway transport. Waterways mostly use for carrying heavy or bulk quantity product.
Earlier people used waterways to transport unhindered goods. When a ship sailed from Japan or China to England or Europe, if it wanted to travel, on the contrary, it would cross the tip of South Africa. At that time, the distance of that single water limit was longer and the time was longer. Suez canal helps to save the time and distance of cargo ships. It helps to reduce the transportation cost of products. As per the 2020 data, The daily average of transits in the Suez canal is 39-40 units. In 2020, the total revenue generated value is 5.61 billion USD and 18,829 ships with a total net tonnage of 1.17 billion passed through the Suez canal.
Suez Canal Revenues data is updated monthly, averaging 290.850 USD mn from Jan 1990 to Feb 2021, with 374 observations. The data reached an all-time high of 517.700 USD mn in Oct 2019 and a record low of 113.800 USD mn in Jun 1990. Suez canal is a very small but most important canal for all ships which travel in Eurasia region. In short, we can say the Suez canal is a valuable asset of Egypt country and it’s the boon for water transport.
Written By: Vishal Vervalkar