Port of Durban to Triple Capacity, Compete with Suez Canal
The excavation project, which will increase the port's capacity from 2.7 million TEUs in 2014 to 9.5 million in 2040, began in 2012 and the first phase is scheduled for completion in 2025.
"It's more cost effective to sail modern, large container vessel around the Cape than through the Suez Canal," Mark Gregg-MacDonald, an executive at state transport company Transnet OSC Ltd., told Bloomberg Friday. The project will allow the port to handle larger container ships and should contribute $1.4 billion to the South African economy, Gregg-MacDonald said.
Shipbuilders continue to build larger and larger ships, while ports continue to undergo expansion to increase capacity. Earlier this week, the 18,300 TEU Munkebo Maersk became the largest ship to ever sail up the Thames.