OREANDA-NEWS.  The Suez Canal's $8.6bn expansion, which opened for business on 8 August, has not prompted a significant increase in oil tanker traffic.

Official statistics shown no significant increase in oil tanker traffic. Combined oil tanker movements at the canal — crude and products, northbound and southbound — increased by 3.2pc to 15.7mn t in August, compared with 15.3mn t in July. September traffic then fell slightly to 15.3mn t. But statistics for August 2014 show a 16.4pc month-on-month increase in traffic, suggesting this year's increased August traffic may fit with a seasonal demand increase.

The statistics show monthly oil tanker transits have outstripped 2014's since the beginning of March, five months before the expansion project was completed. Year on year, August and September tanker traffic tonnage increased by 3.7pc and 7.5pc, respectively. But May, June and July 2015 had logged year-on-year tonnage increases of 16.9pc, 22.2pc and 17pc, respectively, indicating the canal's expansion has not been a key factor in traffic levels.

This year's expansion project joined together four double zones and six bypass sections to form a new channel, allowing two-way traffic of vessels with the intention of cutting waiting times to three hours from up to 11. The expansion has allowed more transits each day, but has not raised the maximum passable tonnage. VLCC tankers are still unable to sail fully-laden through the canal, and must part-discharge cargoes at Ain Sukhna to go through the Sumed pipeline to Sidi Kerir, reloading at the Mediterranean terminal.

The UK Chamber of Shipping described the canal expansion as a "gamechanger". But many have questioned the project's potential impact on transit volumes, suggesting tariffs and macroeconomic factors will remain greater factors in determining Suez Canal traffic levels.