A cargo ship is accompanied by Suez Canal tugboats as it moves through the Suez Canal on Monday.
“We will acquire all the necessary equipment for the canal,” to avoid similar incidents, Sisi declared during his visit to Ismailia, home to the Suez Canal Authority . Traffic on the canal, a conduit for over 10% of world trade, began moving again on Monday evening, after tailbacks totalling 425 ships built up to the north and south.
Egypt lost between US$12 and US$15 million in revenues for each day the waterway was closed, according to slightly revised figures given by the canal authority.The near week-long crisis has left Egypt facing scrutiny over how to avoid a repeat. Egypt spent more than US$8 billion dollars on widening a segment and creating a second lane on one stretch in 2014-15.