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Thursday, 25 May 2017

Egypt's Suez Canal records 1.7% increase in March revenues year-on-year

Ahram Online , Friday 31 Mar 2017
Suez Canal
A cargo ship passes through the New Suez Canal in Ismailia, Egypt. (Reuters)
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Egypt's revenues from the Suez Canal reached $423.9 million during March, an increase of $7.4 million equivalent to 1.7 percent compared with March 2016, the head of the Suez Canal Authority, Mohab Memish, announced Friday.

During March, 1,532 ships crossed the canal, compared with 1,454 in March of the previous year, giving an increase of 78 ships, Al-Ahram Arabic website reported.

The Suez Canal recorded a three-year low in revenues in February of $375.8 million compared to $401.4 million the same month in 2016.

February receipts also declined slightly compared to January of this year, when it registered $395.2 million with a decline in the number of ships crossing the waterway from 1,369 to 1,286.

The canal, which is the fastest shipping route between Europe and Asia, is one of Egypt's main sources of foreign currency.

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