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Suez Canal. n. 1. (Placename) a sea-level canal in NE Egypt, crossing the Isthmus of Suez and linking the Mediterranean with the Red Sea: built (1854-69) by de Lesseps with French and Egyptian capital; nationalized in 1956 by the Egyptians.
In addition to dramatically reducing transit time for trade worldwide, the Suez Canal is one of the world's most significant waterways as it supports 8% of the world's shipping traffic and almost 50 ships pass through the canal daily.he Suez Canal can accommodate ships with a vertical height (draft) of 62 feet (19 m) or 210,000 deadweight tons. Most of the Suez Canal is not wide enough for two ships to pass side by side. To accommodate this, there is one shipping lane and several passing bays where ships can wait for others to pass.