Ports: with doubled Suez, Med attracts more goods

Study Srm:1 mln teu (cargo unit) will leave Panama for new Canal

02 November, 18:55

    With doubled Suez, Med attracts more goods With doubled Suez, Med attracts more goods

    (by Francesco Tedesco) - NAPLES - The doubling of the Suez Canal and new logistical and maritime dynamics are turning the Mediterranean into an area that has widened to the Persian Gulf, according to the fifth annual report ''Economic relations between Italy and the Mediterranean'' published by the Studies and Research Center on the South of the Gruppo Intesa San Paolo.
    The study gives an insight into the Suez Canal, in particular after the expansion inaugurated on August 6, 2015, which reduces estimated travel time in six-seven hours and brings daily traffic to 97 ships (from a previous 49).
    According to estimates by SRM, the new canal can bring average savings of about 5-10% of total operational costs for each ship in transit (according to route and distance) by going through the Suez: on the Far East-US East Coast route, about 1 million TEU (or twenty-foot equivalent unit) could be moved from the Panama route to Suez through the Mediterranean. The world standing of Suez, according to Srm data, will also increase the role of the Gulf, with the Emirates at the forefront of the new ''enlarged Mediterranean''. The work boosts the axis Europe-Mediterranean-Suez-Gulf, which connects Asia to the eastern coast of the United States. In particular the United Arab Emirates, whose commercial exchange with abroad in 2014 totaled 631.3 billion dollars (four times more than in 2004) are among countries that are most open to international trade. Most UAE imports are re-exported to other countries, making the country one of the leading trading hubs worldwide. The Emirates are the third main commercial hub for re-exports after Hong Kong and Singapore: 33.9% of imports in the UAE are exported to other markets. (ANSAmed)

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