Egypt's Suez Canal sees revenue down 7pct year-on-year in October

Ahram Online , Monday 21 Nov 2016

A cargo ship is seen crossing through Egypt
File photo: A cargo ship is seen crossing through Egypt's New Suez Canal, Ismailia (Reuters)

Egypt's revenue from Suez Canal commerce for the month of October registered $418.1 million, down 7 percent compared to the same month last year, according to the state’s information portal.

The vital Egyptian waterway generated $447.6 million in August. The state's website did not announce September revenue.

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

The Suez Canal Authority is considering a new initiative that would require the world's top container shippers to pay tolls in advance of using the waterway.

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 Company (MSC), on the terms of such a deal.

According to the authority, 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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