Deepening the Scheldt’s waterway to Antwerp to a draught of 13.1 m (without tide restrictions)is socially profitable for all scenarios and variants analysed from a European perspective. Theproject yields a positive balance of 1.0 to 2.3 billion euro. Realisation of the deepening of theScheldt’s waterway yields benefits to both Flanders and the Netherlands as a result of lowertransport costs for Flemish and Dutch shippers. From a bi-national point of view (Flanders plusthe Netherlands), deepening is socially profitable. In this case, the project yields a positivebalance sheet of 0.6 to 1.6 billion euro.The market share of Antwerp will experience an important decline of about one third of itsactual share if the Scheldt’s waterway is not enlarged. This decline will be absorbed byRotterdam to a large extent. The market share of Rotterdam will increase anyway, regardless ofwhether the Scheldt’s waterway is enlarged or not, because of the expected increase in the scaleof container shipping.