Egypt reports 21-month low in Suez Canal revenues in November

Ahram Online , Friday 23 Dec 2016

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

Egypt's revenues from Suez Canal commerce hit a 21-month low in November 2016, generating $389.2 million, down roughly five percent compared to the same month last year, according to data from the Suez Canal Authority (SCA).

November’s receipts are the lowest since February 2015, when the vital Egyptian waterway generated $382 million, according to the data, which was published on the state-run Egypt Information Portal (EPI).

November's data also shows a drop in earnings from the previous month, which registered $418.1 million in revenue.

According to EIP, Suez Canal revenue normally sees a decline in revenue from October to November each year.

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

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

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.

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