Word: mashour
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Dates: during 1966-1966
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...Collisions. The annual report of the new Suez Canal Authority, published last week, shows that 20,289 ships passed through the canal last year, compared with 14,466 in 1955, the year before nationalization. Tonnage has more than doubled, and revenues have almost doubled. Canal Authority Chairman Mashour Ahmed Mashour expects to earn close to $225 million for Egypt this year and increase tonnage about 10%. There have been only two collisions in ten years...
Israeli Grievance. Since then, the canal has been a going concern. Under Younes and Mashour, who succeeded him last October, and with the help of foreign loans, the canal has been widened by 80 ft. and deepened for drafts of 38 ft. instead of 35 ft. Employees are kept on their toes by Mashour, who tours the canal banks every day in a black Chevrolet. The one real grievance against Egypt is that it still bars the canal to Israeli traffic...
...Mashour's problem now is to meet the challenge of the superships. The canal is limited, with some exceptions, to ships of up to 75,000 tons and 900 ft. in length. Shipping companies can make more money going around Africa with vessels of 150,000 tons and up than going through the canal with smaller ships...
Last week Mashour announced plans to deepen the draft to 45 ft. by 1975 and open the canal to two-way traffic at a cost of $225 million. Now all he needs is the money. Although the canal earns 60% of Egypt's foreign exchange, Nasser lets it keep only 14% for reinvestment, uses the rest to shore up Egypt's shaky economy...