who owns the suez canal company

74 (1): 89. Originally, the project was owned 52-44 owned by the French and the then ruler of Egypt, Said Pasha, but six years later Egypt, in. Alexandra Endres: Schifffahrt ist frs Klima genau so schlimm wie Kohle in Die Zeit, 9. [3] It contained, according to Alois Negrelli's plans, no lock systems, with seawater flowing freely through it. p. 37. [28], Britain secured the canal against the Germans and their Afrika Korps during the second world war. [66] The Newport was involved in an incident that demonstrated some of the problems with the canal. #history pic.twitter.com/7diV3svyAF. Planning for the Suez Canal officially began in 1854, when a French former diplomat named Ferdinand de Lesseps negotiated an agreement with the Egyptian viceroy to form the Suez Canal. The canal's 24-hour capacity was about 76 standard ships. The multinational flotilla of about 60 ships proceeded south from Port Said to Ismailia, where a large expenses-paid festivity took place including: a riding exhibition, a rifle competition, tight-rope walking, an Armenian with a dancing bear, an Italian with a hurdy-gurdy, Arab sword dancing, glassblowing, flame eating, snake charming, juggling, dancing darvishes, belly dancers, Koran recitations, Arabic poetry recitations, prostitution, food, and drink. The current south of the Bitter Lakes is tidal, varying with the tide at Suez. At the time of its founding, France had 52 percent of shares and Egypt held 44 . [76] French shareholders still held the majority. p. 9. Involuntary labour on the project ceased, and the viceroy condemned the corve, halting the project. By 1866 there were about 8,000 Europeans and 10,000 Arab and Egyptians that had settled in the canal region. [188][189] Between 2008 and 2010, it is estimated that the canal lost 10% of traffic due to the threat of piracy, and another 10% due to the financial crisis. ", "Why the blockage of the Suez Canal matters for oil prices", "How That Massive Container Ship Stuck in the Suez Canal Is Already Costing the World Billions of Dollars", "Suez Canal: Ships stuck in 'traffic jam' as salvage efforts continue", "Giant Vessel Is Now Afloat, Inchcape Says: Suez Update", "With the Suez Canal Unblocked, the World's Commerce Resumes Its Course", "Chairman of the Suez Canal Authority: The damage caused by the blockage may reach 1 billion US dollars News Update", "Plans for Suez Canal to be widened after Ever Given cargo ship drama", "Ship Briefly Stranded in Suez Canal Before Being Freed", "A brief history of the Suez Canal how deep it is and more", "BBC History British History in depth: The Suez Crisis", "17 November 1869: Opening of the Suez Canal", "Suez crisis and Louis-S.-St-Laurent Louis S. St. Laurent National Historic Site", "Suez Canal Snarled by Giant Ship Choking Key Trade Route", "OOCL Megaship Runs Aground in Suez Canal", "Suez Canal: Owner of cargo ship blocking waterway apologises", "Cargo ship blocking Suez Canal could take weeks to move", "Suez Canal blocked by stranded Evergreen boxship", "Suez Canal could be blocked for weeks, with $10B in shipping traffic per day disrupted: reports", "Suez Canal Live Updates: The Ever Given Is Free, Clearing Way for Traffic to Resume", "Navigation Circular "The New Suez Canal" No 5/2015", "Egypt announced the widening of the Suez Canal, expected to be completed within two years News Update", "Egypt awards Suez hub project to consortium that includes army: sources", "BV classes EL-NASR floating bridge across Suez Canal", "Salt-Corroded Tunnel Undergoes Major Renovation", "President Al Sisi inaugurated mega development projects in Central Sinai and Ismailia| The Arab Contractors", "Wie der Suezkanal in 150 Jahren die Welt verndert hat (German: How the Suez Canal changed the world in 150 years)", "DW documentary examines China's grip on Europe", "New Silk Road: Everything that belongs to the mega project (German)", Arab countries meet to tackle Somali pirate threat, "The Final Frontier: The Northern Sea Route", "German vessels ready for the Northern Sea Route", "Iisrael ehitab Vahemere ja Punase mere vahele raudtee(Israel is building a railway between the Mediterranean and the Red Sea", "Millions squandered on unrealistic projects", Essay about the phenomenon of Lessepsian Migration, "Egypt aims to attract $30 bln in investment in Suez Canal Zone within 5 years: Investment minister", Suez Canal Container Terminal at Port Said, Bibliography on Water Resources and International Law, American Society of Civil Engineers Suez Canal. ProQuest. [11][12], Al-Hakim bi-Amr Allah is claimed to have repaired the Cairo to Red Sea passageway, but only briefly, circa 1000 CE, as it soon "became choked with sand". One of the most prominent losers in the new order, as former middlemen, was the former spice trading center of Venice. [40] (Modern historians, however, maintain that her ships were burned by the enemy forces of Malichus I. [11][12][13], James Henry Breasted attributes the earliest known attempt to construct a canal to the first cataract, near Aswan, to the Sixth Dynasty of Egypt and its completion to Senusret III of the Twelfth Dynasty of Egypt. The convoy set off again on the morning of 19 November, for the remainder of the trip to Suez. This side channel, at the northern side of the east extension of the Suez Canal, serves the East Terminal for berthing and unberthing vessels from the terminal. Among those goods, oil shipments were the most affected in the immediate aftermath, due to a significant number still blocked with no other way to reach their destination. In 1959, it established a banking subsidiary, the Banque de la Compagnie Financire de Suez, renamed Banque de Suez et de l'Union des mines in 1966 following Suez's combination with financier Jack Francs[fr]'s conglomerate, Union des mines La Hnin. The canal remained blocked for eight years. The successful 1488 navigation of southern Africa by Bartolomeu Dias opened a direct maritime trading route to India and the Spice Islands, and forever changed the balance of Mediterranean trade. 30,000 blocks were used in the jetties. The average final width of the canal was 200 feet 300 feet at the top with a depth of at least 26 feet. 2021. Global commodity prices are soaring, fattening exporters' margins, and the Egyptian government is trying to get its share of the profits. In October 1954 the UK tentatively agreed to remove its troops from the Canal Zone. Once the necessary infrastructure was established, the plan was to build an 8 metre-wide access canal from Port Said to Lake Timsah and later from Lake Timsah to the Red Sea with the aid of blasting. To save the British from what he thought was a disastrous action and to stop the war from a possible escalation, Canadian Secretary of State for External Affairs Lester B. Pearson proposed the creation of the first United Nations peacekeeping force to ensure access to the canal for all and an Israeli withdrawal from the Sinai Peninsula. Although the first concession was granted by Egypt, at the time Egypt was an administrative subdivision of the Ottoman Empire, and so Lesseps traveled frequently to the Sublime Porte to make his case to the Grand Vizier of the sultan, Ali Pasha. They included ports and their facilities as well as housing for employees segregated by race or nationality. The canal was used to help stage T.E. "The Ottoman Age of Exploration". [120], On 2 April 2021, Usama Rabie, chairman of the Suez Canal Authority of Egypt, said that the damage caused by the blockage of the canal could reach about $1 billion. On Feb. 28, 2022, the Suez Canal announced a hike in canal tolls by up to 10 percent for both laden and ballast vessels, effective March 1. Suez Canal Authority. [32], Following the Suez Company's merger with Lyonnaise des eaux, it was sold to the real estate arm of General Electric and renovated in the early 2000s. Does Egypt control the Suez Canal? The Suez Canal, a key strategic waterway, accounts for about 10 percent of global maritime trade. For the following ten years, the canal was operated by Egypt who paid an amount to the Suez Canal Company for its use. [12], During this same period, the jetties for Port Said were also constructed by the Dussaud brothers. Hans Reis "Der Suezkanal die wichtigste von Menschen geschaffene Wasserstrasse wurde vor 150 Jahren gebaut und war oft umkmpft" In: Neue Zrcher Zeitung 17 November 2019. Ismail received a loan from the Oppenheim brothers for nearly 100 million francs. Pudney, John. The Suez canal, opened in 1869, provides a crucial link for oil, natural gas and cargo. A railway on the west bank runs parallel to the canal for its entire length. [10], After Napoleon III's decree in Summer of 1864, the use of corve labor was restricted. SUEZ, Egypt (AP) The company that owns the giant container ship stuck sideways across the Suez Canal said an attempt will be made to refloat the vessel by taking advantage of tidal movements later Saturday. In 2021, the SCA's revenue rose 12.5 percent YoY to a record $6.3 billion. The High Court in London has ruled a British company that delivered ammonium nitrate to the Lebanese port of Beirut is liable towards the victims of the huge explosion that occurred there in . Becoming the trusted partner for circular solutions in water and waste. [13], In 1867, the company began to develop its fee structure in preparation for opening. Navies with coastlines and bases on both the Mediterranean Sea and the Red Sea (Egypt and Israel) have a particular interest in the Suez Canal. [51], An Anchor Line ship, the S.S. Dido, became the first to pass through the Canal from South to North.[71][72]. The royal guests arrived the following morning: the Emperor Franz Joseph I, the French Empress Eugenie in the Imperial yacht L'Aigle, the Crown Prince of Prussia, and Prince Louis of Hesse. That bank merged in 1975 with the Banque de l'Indochine to form Banque Indosuez, which the Suez Company eventually sold to Crdit Agricole in 1996. Ultimately, Borel, Lavalley and company removed 75% of the 74 million cubic meters excavated from the main canal. Around 8% of world sea trade is carried via the canal. The Suez Canal, owned and operated for 87 years by the French and the British, was nationalized several times during its historyin 1875 and 1882 by Britain and in 1956 by Egypt, the last of which resulted in an invasion of the canal zone by Israel, France, and Read More In Egypt: The Nasser regime [195], The opening of the canal created the first salt-water passage between the Mediterranean Sea and the Red Sea. Following the granting of the first concession in 1854, Lesseps was in near constant travel to assemble diplomatic approvals perceived as necessary to build the canal from other foreign governments involved. At the same time, the freshwater canal was being dug easterly to Lake Timsah. The construction of the canal was one of the reasons for the Panic of 1873 in Great Britain, because goods from the Far East had, until then, been carried in sailing vessels around the Cape of Good Hope and stored in British warehouses. The fighting ceased after the death of Nasser in 1970. In 1858, the Universal Suez Ship Canal Company was formed and given the right to begin construction of the canal and operate it for 99 years, when the Egyptian government would take over control. 2nd Edition. In 1875, financial distress forced Sa'id's successor Isma'il Pasha to sell the country's shares to the government of the United Kingdom. Railroad tracks were laid along the canal route to accommodate some of the machines, whereas others were mounted on barges. In 1951 Egypt repudiated the 1936 treaty with Great Britain. Some supertankers are too large to traverse the canal. [29] King Farouk of the Muhammad Ali line was overthrown in a military coup in 1952 and Colonel Gamal Abdel Nasser eventually emerged as the leader of Egypt. "A sea change: exotics in the eastern Mediterranean Sea", in: Leppkoski, E., Gollasch, S. and Olenin, S. (eds). Despite entering negotiations with Egypt's ruling Mamelukes, the Venetian plan to build the canal was quickly put to rest by the Ottoman conquest of Egypt in 1517, led by Sultan Selim I. Remaining unsold bonds were sold in lotteries approved by the French government. President Gamal Abdel Nasser's. Lesseps pushed ahead without formal British or Ottoman approval. Nearly 300 of these machines were used in this 5 year dredging period. December 2019. De Lesseps had used his friendly relationship with Sa'id, which he had developed while he was a French diplomat in the 1830s. The British government had opposed the project from the outset to its completion. Many trade flows were also shifted away from the Mediterranean ports towards Northern European terminals, such as Hamburg and Rotterdam. Lieutenant Waghorn established his "Overland Route", which transported post and passengers to India via Egypt.[52][53]. [96], Unwilling to allow the Israelis to use the canal, Egypt immediately imposed a blockade which closed the canal to all shipping immediately after the beginning of the Six-Day War. [31] Since May 2015, it has been the Parisian office of the law firm Clifford Chance. The low speed helps prevent erosion of the banks by ships' wakes. In 1854 and 1856, Ferdinand de Lesseps obtained a concession from Sa'id Pasha, the Khedive of Egypt and Sudan, to create a company to construct a canal open to ships of all nations. [64][67][68] The first day of the passage ended at Lake Timsah, 76 kilometres (41nmi) south of Port Said. [34], Former head office of the Suez Company at 1 rue d'Astorg in Paris, Last edited on 8 September 2022, at 21:08, Louis Maurice Adolphe Linant de Bellefonds, International Commission for the piercing of the isthmus of Suez, 1867 Universal Exposition of Art and Industry, Britain, France, and Israel attacked Egypt, "An International Company in Egypt: Suez, 18561956", "Muse Ferdinand de Lesseps et du Canal de Suez", "La Privatisation de Suez. [19] The ship tonnage for 1872, 1873, and 1874 was 1,439,000, 2,085,000, and 2,424,000, respectively. 30 November 1854: The former French consul in Cairo, Ferdinand Marie de Lesseps, obtained the first license for construction through an Act of Concession from Egypt's new viceroy, 25 April 1859: Construction officially started, with 20,000, 17 November 1869: Official opening of the Suez Canal. The passage takes between 11 and 16 hours at a speed of around 8 knots (15km/h; 9mph). Accordingly, negotiations for a new observer force in the Sinai produced the Multinational Force and Observers (MFO), stationed in Sinai in 1981 in coordination with a phased Israeli withdrawal. In response to an anti-European riot in 1882, Britain landed an army, seized the canal, and developed a protectorate over Egypt, placing Lord Cromer as the head governing authority.[25]. Suez Canal map by Strommer, 19th century. Israel protested Nasser's order to close the Straits of Tiran to Israeli trade on 21 May, the same year. The Ottoman sultan approved of the French reconciliation framework in 1866. In the evening there were more illuminations and fireworks. COPENHAGEN : Maersk said on Monday it had filed a lawsuit against the owner and operator of container ship Ever Given, which blocked the Suez Canal for six days in 2021, claiming compensation for delays caused by the incident. The Ever Given ship is owned by Shoei Kisen Kaisha, a shipowning and leasing subsidiary of the Japanese shipbuilding company Imabari Shipbuilding. [33] It may be that by Darius's time a natural[12] waterway passage which had existed[11] between the Heroopolite Gulf and the Red Sea[34] in the vicinity of the Egyptian town of Shaluf[12] (alt. According to Herodotus, work on the project was "stayed by a prophetic utterance that he [Necho] was toiling beforehand for the barbarian. [64] After Suez, many of the participants headed for Cairo, and then to the Pyramids, where a new road had been built for the occasion. [52] Doubling these estimates with a generous assumption of 50,000 working staff per year over 11 years would put a conservative estimate at fewer than 3,000 deaths. Harkness. On the same day that the canal was nationalised Nasser also closed the Straits of Tiran to all Israeli ships. Said purchased the remaining unbought shares (for a total of 177,000 shares) in order to ensure that the company reached its necessary capitalization amount (to become a legal entity as defined in the 1856 concession). Article. [158], The canal allows passage of ships up to 20m (66ft) draft or 240,000 deadweight tons and up to a height of 68m (223ft) above water level and a maximum beam of 77.5m (254ft) under certain conditions. (This ancient, second canal may have followed a course along the shoreline of the Red Sea when it once extended north to Lake Timsah.[18][39]). The 1888 Convention of Constantinople declared the canal a neutral zone under British protection. Although the Suez Canal was property of the Egyptian government, the concessionary company was owned by European shareholders, mostly French and British. Intelligent water solutions developed by utilities for utilities.SUEZ in North America offers a wide range of solutions using data and digital technologies to support decision-makers and strengthen the performance of urban services. Because of Egyptian overtures towards the Soviet Union, both the United Kingdom and the United States withdrew their pledge to financially support construction of the Aswan Dam. Following its nationalization in 1982 and privatization in 1987, the Suez Company in 1988 successfully participated in a takeover battle for control of the Socit Gnrale de Belgique, which significantly broadened its portfolio of activities. Shea, William H. "A Date for the Recently Discovered Eastern Canal of Egypt", in. In summary, the total construction cost of the canal, according to Lesseps' autobiographical account, was 11,627,000. By 1952, the company held four different reserves accounts: a statutory reserve of 430 million francs, a special reserve of 7 billion francs, a contingency fund of 1.72 billion francs, and a pension fund of 7.81 billion francs. Harry de Wilt: Is One Belt, One Road a China crisis for North Sea main ports? [57] All French shares were quickly sold in France. People may receive compensation for some links to products and services on this website. The recent construction by the Egyptian government of a major canal extension - allowing for two-way traffic in the central section of the canal and finally implemented in 2015 - raised concerns from marine biologists, who fear that it will enhance the arrival of Red Sea species in the Mediterranean. [75] This was the origin of the Suez Canal Net Tonnage and the Suez Canal Special Tonnage Certificate, both of which are still in use today. An amendment stipulated that work could only commence with the approval of the Ottoman sultan. This concession defined the canal as a direct route, but also stipulated a freshwater canal from the Nile to Lake Timsah. [46][47], During the French campaign in Egypt and Syria in late 1798, Napoleon expressed interest in finding the remnants of an ancient waterway passage. Estimates of the number of deaths vary widely with Gamal Abdel Nasser citing 120,000 deaths upon nationalisation of the canal in a 26 July 1956 speech and the company's chief medical officer reporting no higher than 2.49 deaths per thousand in 1866. From north to south, they are Port Said bypass (entrances) 36.5km (23mi), Ballah bypass & anchorage 9km (6mi), Timsah bypass 5km (3mi), and the Deversoir bypass (northern end of the Great Bitter Lake) 27.5km (17mi). The company's profits rose greatly during the 1920s and 1930s. Each day, a single northbound convoy starts at 04:00 from Suez. Ismail authorised Boghos Nubar Nubarian to negotiate on behalf of Egypt, and Nubar in turn allied with Emile Ollivier and Morny against Lesseps and the company. Feyrer, James. This was the only sea route before the canal was constructed, and when the canal was closed. It is still the only route for ships that are too large for the canal. [15], The legendary Sesostris (likely either Pharaoh Senusret II or Senusret III of the Twelfth Dynasty of Egypt[14][15]) may have constructed the ancient canal, the Canal of the Pharaohs, joining the Nile with the Red Sea (BC 18971839), when an irrigation channel was constructed around BC 1848 that was navigable during the flood season, leading into a dry river valley east of the Nile River Delta named Wadi Tumilat. [122] On 9 September 2021, the canal was briefly blocked again by the MV Coral Crystal. On 23 March 2021, at around 05:40 UTC (07:40 local time),[107] the Suez Canal was blocked in both directions by the ultra-large Evergreen G-class container ship Ever Given. Lesseps formed an organization of international engineers (the International Commission for the piercing of the isthmus of Suez) to again study the canal route in late 1855, and its results were released to the general public. The zone comprises over 461km2 (178sqmi) within the governorates of Port Said, Ismailia and Suez. But the plan was abandoned because it incorrectly concluded that the waterway would require locks to operate, the construction of which would be costly and time-consuming. The opulent building at 1, rue d'Astorg was built for the Suez canal Company in 1911-1913 on a design by architect Henri Paul Nnot. He said that the remaining 175 freighters waiting to pass through the canal would all pass by 2 April.[121]. In 1967, another war with Israel arose and the canal was made impassable with scuttled ships. Silver, Morris (6 April 1998), "5c. The five pontoon bridges were opened between 2016 and 2019. December 2019. Gaz de France is privatized to become a French limited liability company operating in energy sectors other than gas. [108] The ship, operated by Evergreen Marine, was en route from Malaysia to the Netherlands when it ran aground after strong winds allegedly blew the ship off course. In preparation for the offering, shares were sent to brokerage houses across Europe and in the United States. The operations office would be headquartered in Alexandria, while administrative offices would be located in Paris. The MFO remains active under agreements between the United States, Israel, Egypt, and other nations. Plans were made for an access canal from the Nile to Lake Timsah to provide fresh water. [176] Currently the Ahmed Hamdi is the only tunnel connecting Suez to the Sinai. The British began to loudly decry the use of corve labor in 1862. The company estimated that of the 10 million tons of annual goods shipped around the Cape of Good Hope, half would pass through the canal. In 1846, Prosper Enfantin's Socit d'tudes du Canal de Suez invited a number of experts, among them Robert Stephenson, Negrelli and Paul-Adrien Bourdaloue to study the feasibility of the Suez Canal (with the assistance of Linant de Bellefonds). The dominant, south to north, migratory passage across the canal is often called Lessepsian migration (after Ferdinand de Lesseps) or "Erythrean invasion". Latest Transportation & Logistics News and Updates. A contemporary British skeptic claimed "One thing is sure our local merchant community doesn't pay practical attention at all to this grand work, and it is legitimate to doubt that the canal's receipts could ever be sufficient to recover its maintenance fee. An oil tanker going from Saudi Arabia to the United States has 4,345km (2,700mi) farther to go when taking the route south of Africa rather than the canal. This suggests that a navigable link existed between the Red Sea and the Nile. Employees were provided scrip to buy provisions. After surveys and analyses in Egypt and discussions in Paris on various aspects of the canal, where many of Negrelli's ideas prevailed, the commission produced a unanimous report in December 1856 containing a detailed description of the canal complete with plans and profiles. The biggest beneficiary in the Mediterranean was Austria-Hungary, which had participated in the planning and construction of the canal. They created two jetty structures, one at 1.5 miles in length, and the other at 2 miles in length, by dumping 20-ton concrete blocks in the Mediterranean Sea. Of that tonnage, three-quarters came from Britain. Darius the Great's Suez Inscriptions read:[36], King Darius says: I am a Persian; setting out from Persia I conquered Egypt. The ensuing commercial and diplomatic activities resulted in the International Commission of Constantinople establishing a specific kind of net tonnage and settling the question of tariffs in its protocol of 18 December 1873. [180][183][184][185][186], Before the canal's opening in 1869, goods were sometimes offloaded from ships and carried overland between the Mediterranean and the Red Sea. Suez Canal Authority via AP Who owns the canal? Shipping companies were also considering whether to divert their ships along the much longer route around the Cape of Good Hope. The opening ceremonies began at Port Said on the evening of 15 November, with illuminations, fireworks, and a banquet on the yacht of the Khedive Isma'il Pasha of Egypt and Sudan. It offers vessels a direct route between the North Atlantic and northern Indian oceans via the Mediterranean Sea and the Red Sea, avoiding the South Atlantic and southern Indian oceans and reducing the journey distance from the Arabian Sea to London by approximately 8,900 kilometres (5,500mi), or 10 days at 20 knots (37km/h; 23mph) to 8 days at 24 knots (44km/h; 28mph). Its Past, Present, and Future (2nd ed.). The canal was the property of the Egyptian government, but European shareholders, mostly British and French, owned the concessionary company which operated it until July 1956, when President Gamal Abdel Nasser nationalised itan event which led to the Suez Crisis of October-November 1956. [14], Politically during this period, company workers experienced a cholera outbreak in 1865 that caused the deaths of several hundred Europeans, including Voisin's wife, and more than 1,500 Arabs and Egyptians. Six new tunnels for cars and trains are also planned across the canal. So he first, and Darius afterwards, stopped making the canal, lest the sea should mix with the river water and spoil it.[19]. Suez Canal was blocked for six days in March 2021 after a container ship, the Ever Given, got stuck. (1 in 1875 = 109114; 2019 Historical Uk Inflation Rates and Calculator; UK Inflation (CPI) Calculator What's the Cost). It played an important role in increasing European colonization of Africa. Much wreckage from this conflict remains visible along the canal's edges. It will never become a large ship's accessible way in any case."[58]. After the use of corve labor was approved in 1861, work proceeded south from Lake Manzala with, at its height, 60,000 fellahin hand digging the canal. New York: Praeger, 1969. At dual lane sections, the convoy uses the eastern route. There was no anticipation of this event and consequently fifteen cargo ships, known as the "Yellow Fleet", were trapped in the canal, and remained there until its reopening in 1975. As a condition of joining the commission, the khedive's right to 15 percent of the commissions from Suez Canal traffic was sold. [12][26][27][28][29], According to the Histories of the Greek historian Herodotus,[30] about BC 600, Necho II undertook to dig a westeast canal through the Wadi Tumilat between Bubastis and Heroopolis,[12] and perhaps continued it to the Heroopolite Gulf and the Red Sea. After the incident, the Egyptian government announced that they would be widening the narrower parts of the canal. In 1860, the company employed 210 Europeans and 544 Egyptians along 11 stations of the route. The men had prior railroad experience and Lavalley, in particular, had customised locomotives, designed lighthouses on the Black Sea, created a tunnel boring machine in Lithuania, and created a machine to dredge ports in Russia. By 1867 and 1868 the total population in the canal region would grow to 26,000 and 34,000, respectively. In 1830, General Francis Chesney submitted a report to the British government that stated that there was no difference in elevation and that the Suez Canal was feasible, but his report received no further attention. The current parameters of the Suez Canal, including both individual canals of the parallel section are: depth 23 to 24 metres (75 to 79ft) and width at least 205 to 225 metres (673 to 738ft) (that width measured at 11 metres (36ft) of depth). The United States backed this proposal by putting pressure on the British government through the selling of sterling, which would cause it to depreciate. In addition to his normal duties, he surveyed the Isthmus of Suez and made plans for the Suez Canal. During this same year the company had already started to charge fees for transport of goods across the northern almost-completed portion to the separate southern access canal, garnering millions of francs in annual revenue. [48][49] Their findings, recorded in the Description de l'gypte, include detailed maps that depict the discovery of an ancient canal extending northward from the Red Sea and then westward toward the Nile. The first container ship to do so was Ever Given's sister ship, Ever Greet. Projects in the zone are collectively described as the Suez Canal Area Development Project (SCADP). The Suez Company or Suez Canal Company, full initial name Compagnie universelle du canal maritime de Suez (Universal Company of the Maritime Canal of Suez),[1] sometimes colloquially referred to in French as Le Suez ("The Suez"),[2][3] was a company formed by Ferdinand de Lesseps in 1858 to operate the concession of the Suez Canal, which the company built between 1859 and 1869.

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