World News
Suez Canal Expansion to Be Ready by July
The current Suez Canal expansion will be completed a month earlier than scheduled, according to an Egyptian minister, Seatrade Global reports.
"I believe this will finish by July," said Khaled Hanafy, Supply and Internal Trade Minister for Egypt.
The canal expansion will "add capacity to Egypt's economy," he added, saying that the Canal was vital to the country.
"We are talking about a channel that carries 25 percent of the containerised trade worldwide so if we can have some value-added activities, logistics zones, industrial zones, this will add to the capacity of the Egyptian economy."
The expansion project has been touted to see Suez Canal revenue triple by 2023 to $13 billion.
In addition, Hanafy pointed to further projects he said would attract ships.
"I believe that other projects, like the Damietta logistics [centre] for grain, that converts Egypt into the grain hub in the region, will help as well," adding that the project will take 18 months.
"We capitalise on our location for the first time," he added.
Last week, the Panama Canal Authority was said to be considering building a fourth set of locks which would enable much large ships to use the canal to compete further with Suez.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 560.50 | 7.00 | 669.00 | 4.00 |
| Rotterdam | 512.50 | 2.00 | 653.00 | 2.00 |
| Houston | 548.00 | 3.00 | 671.00 | 0.00 |
| Fujairah | 549.00 | 6.00 | 747.00 | 0.00 |
| Global 20 Ports Average | 577.50 | 3.50 | 749.50 | 1.50 |
| Global 4 Ports Average | 542.50 | 3.50 | 685.00 | 0.50 |
| Global Average Bunker Price | 628.50 | 1.50 | 800.50 | 1.00 |
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