Suez Canal expansion plans fall under dredging company Boskalis, Energy News, ET EnergyWorld

Shares of Dutch maritime service provider Boskalis surged on Wednesday, a day after the Suez Canal unveiled plans to extend the southern section of the waterway.

The Suez Canal Authority plans to expand and deepen its southern section, where a container ship stranded and blocked traffic for six days in March, confusing international supply chains.

In 2014, Egypt signed contracts with six international companies to dredge the Suez Canal, including Boskalis.

“The market thinks – and rightly so – that these six companies will once again be active in extending the channel,” said André Mulder, analyst at Kepler Cheuvreux. “They should therefore be the main beneficiaries.”

Shares of Boskalis rose nearly 6% at 11:42 a.m. GMT.

In 2014, Egypt also concluded a contract with its Dutch counterpart Van Oord, the Belgian group Jan de Nul and the Deme group belonging to Ackermans & Van Haaren, the American company Great Lakes Dredge and Dock Company and the National Marine Dredging Company. of the UAE.

SMIT Salvage, a subsidiary of Boskalis, also contributed to efforts to dislodge Ever Given, the giant container ship stuck in the canal.

Boskalis, which offers marine services and contracts for the oil and gas sector and the offshore wind industry, on Wednesday guided capital spending of around 350 million euros ($ 424.31 million) in 2021, while its first quarter has met business expectations.

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