Egypt's Suez Canal Authority issued a statement on the 15th, saying that dredging operation has been started in the southern channel of Suez Canal to widen the channel and make it navigable in both directions.

Usama Rabieh, chairman of Suez Canal Authority, said in the statement that the project of widening the southern section of Suez Canal will be carried out in stages. The completion of the project will help shorten the time required for ships to pass through the canal, improve the efficiency of navigation and enhance the safety of navigation.

May 11, Egyptian President Abdel Fattah al Sisi, approved the plan of widening the southern section of Suez Canal, which mainly covers about 30 kilometers of waterway from Suez City to the Great Bitter Lake. This section of waterway will be widened by 40 meters and the maximum depth from about 20 meters deepened to about 22 meters. The project is expected to be completed within two years.

Panama-flagged heavy cargo ship "Ever Given" ran aground on the new channel of Suez Canal on March 23, causing a blockage in the channel. After several days of rescue, the stranded freighter successfully floated on March 29th. In April, the first large suction dredger procured by Suez Canal Authority was delivered to widen the southern section of the canal.

Suez Canal is located at the crossroads of Europe, Asia and Africa, connecting the Red Sea and the Mediterranean Sea. The revenue of the canal is one of the main sources of Egypt's national revenue and foreign exchange reserves.

According to data from Allianz Insurance Company, the incident caused a daily loss of 6 billion to 10 billion dollars.

The head of the Suez Canal Authority said that this route accounts for more than 10 percent of international trade, with an average of about 52 ships passing through every day. The paralysis of the route affected 422 cargo ships and 26 million tons of goods, causing Egypt to lose 12 million to 15 million dollars every day.

From: www.SOL.com.cn