A Container ship crosses the Suez Canal at Port Said (Photo: Reuters)
Egypt’s vital waterway Suez Canal hit a 7.4 percent slump in monthly revenues, generating only $375.3 million in February 2013, the state information portal showed.
The Suez Canal generated some $381.4 million in February last year, which calculates to a 1.6 percent decline year-on-year.
According to Cairo-based investment bank Beltone Financial, the low number of vessels passing through the canal in February as well as security tensions and the political turmoil witnessed in the cities adjacent to the Suez Canal, such as Port Said, Suez and Ismailiya are behind the slump.
Despite the year-on-year slump, however, last week the Egyptian waterway saw the most traffic and biggest cargo load in one day since the start of the year pass through the Canal, with 68 vessels and container ships carrying 3.8 million tonnes.
The Suez Canal Authority will raise toll fees from 2 – 5 percent starting 1 May, 2013 for all vessels passing through the crucial waterway in an effort to boost government revenues currently suffering from an ailing economy.