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Egypt's Suez Canal October revenue $490.2 million, up month-on-month: Cabinet

Reuters , Ahram Online , Thursday 19 Nov 2020
 Suez Canal
A cargo ship is seen crossing through the New Suez Canal, Ismailia, Egypt. (Photo: Reuters)
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Egypt’s Suez Canal revenue rose to $490.2 million in October from $470.7 million in September, the cabinet said on Thursday.

The canal is the fastest shipping route between Europe and Asia and one of the Egyptian government’s main sources of foreign currency.

The canal authority's chairman Osama Rabie said in October that a total of 14,019 ships passed through the Suez Canal between January and September 2020, 165 more vessels than in the same period last year.

Rabie said that the authority is pushing to reach 95 ships a day by 2023, as well as diversifying the sources of revenues via related activities, boosting productivity and reducing the costs by utilising the latest technological techniques.

Egypt has stressed in the past months that traffic through its vital shipping route has not been affected by the coronavirus pandemic and shipping is proceeding at normal rates.

 

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