“The Pivotal Role of the Suez Canal (SC) in the Mediterranean Sea and Global Maritime Economy”: this is the title of the webinar organised by ALEXBANK and SRM on Thursday 20th May at 4 PM .
On the occasion of publishing their third report on the Suez Canal’s performance, the webinar discussed the Suez Canal performance post COVID-19, as well as the Canal’s overall performance and economic potential.
This is the third Report produced by Alexbank and SRM to monitor the dynamics of the Suez Canal, one of the most important maritime and logistical nodes in the world. SRM and Alexbank intended to analyse, in particular, the impact that the severe Covid-19 pandemic has had and is having on maritime and global trades as well as the way these have affected the dynamics of the Canal. It is clear that Suez has shown remarkable resilience to the effects of the pandemic, exceeding 1 billion tonnes of cargo in 2020 and with 18,829 ships transited. Even in difficult economic times, it has remained a strategic hub for traffic in the Mediterranean, still accounting for 12% of world traffic (7-8% of oil traffic). The Canal is important for the Egyptian economy and it is equally important for Italian ports, especially Genoa, La Spezia, Trieste and Gioia Tauro, as a key point along the main sea route for trade between Italy and Asia. In March 2021, the case of the Ever Given, a megaship of over 20,000 TEUs which ran aground in the Suez Canal blocking passage for several days, clearly demonstrated that the dynamics of international maritime trade are highly dependent on this strategic crossroads.