Suez Canal revenues hike to $470M in August

CAIRO – 21 September 2017: Suez Canal Authority’s revenues in August recorded $470.6 million (LE 8.3 billion), marking 5.1 percent year-on-year increase compared to August 2016 yields, chairman of the authority Mohab Mamesh said Thursday.

In an official statement, Mamesh attributed the rise to recovering global trade levels as more than 1,500 ships have sailed through the canal last month, carrying 91.5 million tons, representing 4 percent increase compared to the same month last year.

Egypt's Suez Canal revenues rose to $447.1 million in July from $427.2 million in June.

Suez Canal revenues in the second quarter (Q2) of 2017 recorded $2.105 billion, $62.2 million increase compared to the corresponding quarter.

On a larger level, Suez Canal revenues in the first half (1H) of 2017 registered $2.938 billion, up from $2.919 billion, Mamesh said. More than 9,900 ships crossed the canal during that period, compared to 9,745 ships in 1H 2016.

The canal is the fastest shipping route between Europe and Asia and one of the government's main sources of foreign currency. Egypt has been struggling to revive its economy since a 2011 uprising hit tourism and foreign investment.