Reduction of the waiting period of ships in the Suez Canal lowers the cost of insurance
Monday, 08 10 2015, Category: Insurance and Reinsurance, Country: Egypt
Some Specialists confirmed for "Aleqtisadiah Newspaper" the importance of the new Suez Canal project and its impact on the movement of ships and lowering the insurance fees on containers compared to previous years when it was faced by the obstacles encountered by the long periods of waiting for the ships to cross the Canal and the need for additional quantities of fuel.
Mr. Ibrahim Saeed Aqeeli, Chairman of the Committee of customs clearance in the Jeddah Chamber, said that the economic returns of the seriousness of the Suez Canal project, comes indirectly, for various reasons, including the existence of the most important Saudi ports in the Red Sea in particular, as well as the speed of the means of shipping vessels and increase.
Mr. Aqeeli predicted that the arrivals and transit of ships through the new Suez Canal will reach an average of 45 to 90 ship per day during the 11-month due to the activity expected movement after the canal expansion.
In regards to insurance on ships, it reported that the insurance drops because of the short period that the ships wait at the Canal, since as the waiting period is shorter, the cost of insurance on Containers will be lower especially that it used to take a long time waiting.
Source: AlEqtisadiah - Saudi Arabia