42 vessels cross Suez Canal

Forty-two ships transited the Suez Canal in both directions on Monday with total cargo of 1.985 million tons, said a reliable source at the Suez Canal Authority.

The south-bound convoy included 24 vessels carrying 1.080 million tons, while the north-bound convoy included 18 ships carrying 905,000 tons.

Egypt inaugurated on August 6 the new Suez Canal, which is to massively increase the capacity of the existing canal and offer an important opportunity to boost the country’s economy.

The new 72-kilometer waterway, built in less than a year at a cost of EGP 60 billion, runs part of the way alongside the existing canal connecting the Red Sea and the Mediterranean.

The legendary project was mostly financed by investment certificates sold to Egyptians.

Sources: MENA