"The canal will reopen in about a week," a company spokesperson said.
The Greek coastguard, which will be involved in the operation, said it would probably take two weeks.
It was not immediately clear what caused the landslide. No injuries were reported.
Built in the late 19th century, the canal is over six kilometres (3.7 miles) long, over 20 metres wide and used by some 15,000 vessels annually.
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