Construction for the new Suez Canal began last year, and is expected to finish one month ahead of schedule in July 2015.\u00a0
This saves time, fuel consumption and ship operating costs
Qin Haipin, Liner Manager, CSCL
"This saves time, fuel consumption and ship operating costs and gives us some flexibility in managing capacity," said\u00a0Qin Haipin, liner manager of CSCL in Egypt.\u00a0
According to\u00a0Zhou Chenwei, captain of CSCL's Indian Ocean, the widened waterway is expected to generate cost savings of $60,00-$70,000 per ship.
He added that Chinese ships account for a large portion of the traffic that the canal sees, which means that the upgrades will have a meaningful impact towards China's\u00a0"One Belt, One Road" strategy.
The strategy aims to\u00a0establish new trade routes linking Asia, Europe and Africa.
"Egypt is a key player in implementing the strategy," said Zhou.
"The Suez Canal will also play a key role to make the strategy a reality."\u00a0
Last year, it was also reported that the Suez Canal is increasing its share of the Asia-U.S. East Coast route as more and more ships choose the Suez route over the historically more common route through the Panama Canal.
Skangas duel fuel LNG carrier Coral Energy (image credit/Skangas)
Liquified natural gas (LNG) bunker tanker Coralius has made its first trip loading and delivering LNG to and from Norwegian ports, according to trade press reports.
The 5,800 cubic meter capacity tanker, which is owned by Norwegian gas company Skangas, was delivered to the company in June. Skangas also operates LNG carrier Coral Energy.
OPEC Cutback Extension to be Discussed in November, But Developments Could Render Any Deal Meaningless
Analysts say everything from Saudi exploration to rising tensions with North Korea could radically alter the dynamics of the international market. File Image / Pixabay
Ever since the Organization of the Petroleum Exporting Countries (OPEC) extended the duration of its production cuts earlier this year to March of 2018, speculation has been rampant that the meager cutback volume coupled with the large number of members