Egypt opened a new direction of the Suez Canal. The second line of one of the biggest shipping lanes was built in the shortest possible time. It will double the capacity of the canal and is almost three-fold increase in revenues from fees. The opening ceremony was attended by representatives of 90 states. Meanwhile, analysts and representatives of the shipping industry doubt that the current demand for such projects in the market.
In Egypt, the opening of the second line of the Suez Canal. The channel was doubled, the movement is now on it will be two-way. In addition, the channel has been deepened by the first line that will allow larger tankers to pass through the Suez Canal.
Expansion of traffic artery Arab Republic cost of $ 8.2 billion.
The construction of the 72-kilometer line with the original plan was to leave three years. But the head of the Arab Republic Abdel Fattah al-Sisi insisted threefold accelerating. As a result, the channel has been extended for a record 12 months.
The opening of the second channel will increase annual revenues from the Suez Canal from $ 5.3 billion to $ 13.2 billion by 2023, and the daily capacity – up to 97 ships. And reduced travel time – from 18 up to 11 hours.
«Thanks the second line can reduce the waiting time, and this will reduce fuel costs and other costs, “- said the head of administration of the Suez Canal Mohab Mamish.
through the Suez Canal, the shortest sea route from Asia to Europe, held about 8% of the world’s goods. The channel allows a 42% reduction in time on the route from the Persian Gulf to Rotterdam.
Thanks to the Suez Canal cargo carriers are exempt from the need to bypass the African continent by the Cape of Good Hope. Charges by the passage of ships through the canal form a significant part of the budget of Egypt, comparable with the share of income from the tourism industry.
The construction of the first line of the Suez Canal began in 1859 and took ten years. They dealt with the company La Compagnie Universelle du Canal Maritime de Suez, owned by former French consul in Egypt and the big businessman that time Ferdinand de Lesseps. He enlisted the support of the Egyptian Viceroy Mohammed Said Pasha, made a decree on the construction of the Ottoman sultan in Istanbul and received a concession for the construction of the Suez Canal. Then 44% of the shares of the channel was given to the Egyptian government, 53% – France, 3% – to other countries. Under the terms of the concession to shareholders relied 71% of profits, Egypt – 15%, the founders of the company – 10%.
During the three years of non-stop walking, but the United Kingdom, where construction of the canal seemed quite unprofitable, pressured the Ottoman Empire, which, in turn, forced Egypt to freeze construction.
In 1869, after ten years after the start of the works was held solemn and pompous opening ceremony of the channel.
The opening was attended Austrian Emperor Franz Joseph, Dutch Prince and Princess, Prince of Prussia, Empress Eugenia of France, for which the Pyramids of Giza was built a special palace.
The Russian delegation was led in 1869 by Grand Duke Michael, and with him attended seascape painter Ivan Aivazovsky.
The opening of the second line of the Suez Canal in 2015 will take place in less grandiose, but still in a very festive atmosphere. The event, which takes place in the city of Ismailia on the bank of the Suez Canal, the delegation will participate in European, African, Middle Eastern countries – all 90 states. Among those who arrived for the ceremony – Russian Prime Minister Dmitry Medvedev and French President Francois Hollande. For the delivery of the guests of honor in Ismailia, located 110 km from Cairo, the Egyptian capital the airport identified seven helicopters.
The cost of celebrating the cost Egypt $ 30 million.
6 August declared a national holiday in Egypt: public transportation, including rail, parks and museums are open free of charge all day. Celebrations will also be held on the central square in the Egyptian capital Cairo. According to the Egyptian edition Ahram, despite the heat (about 39 degrees Celsius) on it gathered hundreds of people.
The ceremony began with the passage of 150 years of cruising yachts Egyptian president “Al Mahrous”, which went, and the old bed of the Suez Canal in the year of its opening – in 1869.
On board the “Al-Mahrous” was Egyptian President Abdel Fattah al-Sisi. Following the yacht in a new direction Suez was Egyptian Navy frigate “Tahya Misr” (“Long live Egypt”). In the sky above the channel demonstration flights performed aerobatic teams in the Egyptian Air Force Rafale combat aircraft and F16, received in the current year, adopted from France and the United States respectively. They painted the sky with the colors of the Egyptian flag – red, white and black. In the evening, guests will be performed Giuseppe Verdi’s opera “Aida”.
Meanwhile, analysts doubt that it follow the expansion of the channel for more than two-fold increase in revenue.
«The channel will always be attractive to Shippers, even without any improvement, “- said Neil Atkinson, head of the analytical service of Lloyd’s. “From the point of view of the shipping industry, this initiative was somewhat unexpected, – told the publication Bloomberg Ralph Leszczynski, head of the Singapore ship broker Banchero Costa. – There was no urgent need for this or inquiries from consumers. ”
According to Bloomberg, even the first line of the Suez Canal had not yet fully recovered from the financial crisis at the end of the last decade: despite the overall increase in the tonnage transported through the channel, the number of ships is still 20% below 2008 levels and only 2% higher than in 2005.
Another deterrent to the Suez Canal can serve the development of the Northern Sea Route, announced Russia. The fact that the Northern Sea Route, passing through the seas of the Arctic Ocean off the coast of Russia, can be an alternative to the Suez Canal, said even in 2013, Russian President Vladimir Putin. For example, if the distance traveled by ships from Murmansk to Japan through the Suez Canal is 12,840 nautical miles, the Northern Sea Route – only 5770 nautical miles. This can significantly reduce the cost of transport, noted at the St. Petersburg Economic Forum, General Chairman of the Board of PJSC “Sovcomflot” Sergei Frank.
However, while the real competition between the Suez Canal and the Russian Northern Sea Route can not speak: the share of the latter in the global shipping turnover is negligible.
In general, a possible slowdown in the growth of turnover in the Suez Canal could affect the overall negative trend in the market of ship cargo. On the difficult situation in the cargo shipping industry is evidenced by the fact that the Baltic Dry Index (BDI), reflecting the cost of transport of dry cargo (coal, ore, grain and so on.) Sea of twenty main trade routes, in February of this year fell to a record low 509 points. For comparison – in 2008 it reached the level of 11,793 points.
With regard to the reduction of the waiting time, which Egyptian state power, “currently the speed is not a key factor for container transport”, said in a conversation with Bloomberg Michelle Berman, head of operational risk, the international rating agency Fitch . According to her, the market is already noticeable a substantial surplus of freight containers in the cargo shipping. 
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