Egypt's Suez Canal sees revenue up 4pct in August

Ahram Online , Tuesday 25 Oct 2016

The canal authority is considering an initiative that would have container shippers pay tolls in advance

Suez Cananl
File Photo:A cargo ship is seen crossing through the New Suez Canal, Ismailia, Egypt, July 25, 2015 (Reuters)

Egypt's revenues from the Suez Canal rose in August by 4.3 percent to register $447.6 million compared to the previous month, according to the state’s information website.

The vital Egyptian waterway generated $429 million in July.

The Suez Canal Authority is considering a new initiative that would require the world's top container shippers to pay tolls in advance, an official from the authority told Ahram Online last week.

Negotiations are currently underway between the authority and three of the world's biggest shipping groups, the Danish-based Maersk, the French CMA CGM Group, and the Swiss-based Mediterranean Shipping Co (MSC), on the details of the deal.

According to the official, the carriers would receive discounts in return for being charged in advance. The payments would likely be made three years in advance, he added.

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