Rerouting ships round Africa because of Houthi assaults price Egypt just about $7 billion. bucks this yr as revenues from the Suez Canal fell 60% year-on-year. The ideas was once made public after a gathering held final Thursday by way of Egyptian President Abdel Fattah al-Sisi with the president and CEO of the Suez Canal Authority, Admiral Osama Rabiet. The present Suez Canal modernization initiatives had been additionally reviewed on the assembly. Those works come with the extension of the direction from the 132nd kilometer to the 162nd kilometer to permit the passage of bigger ships. This venture comes along with the of entirety of the navigation channel from the 122nd to the 132th kilometer, which accelerates the motion of ships in each instructions.
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