Suez Canal sees 2% decline in July revenues

Ahram Online , Monday 5 Sep 2016

Canal authorities also announced revenues of $2.919 billion in the first seven months of 2016

A cargo ship makes its way along the Suez Canal (Photo: Reuters)
A cargo ship makes its way along the Suez Canal (Photo: Reuters)

Egypt's Suez Canal Authority announced total revenues of $429 million in July from the canal, a decrease of almost two percent from the $437.7 million recorded in the same month last year, state news agency MENA reported on Monday.

Canal authorities also announced revenues of $2.919 billion in the first seven months of 2016, a 1.9 percent decrease from $2.977 billion in the same period last year, according to official data on the canal's website.

Egyptian officials predicted Suez Canal revenues would increase following the inauguration of an additional lane to allow two-way traffic and works to deepen the main canal to allow the passage of larger vessels in August 2015, which cost upwards of around $4 billion.

Officials had claimed the new canal would more than double revenues to reach $13.2 billion in 2023. 

However, falling oil prices and a slowdown in world trade led to a decrease in the canal's revenues.

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