Suez Canal revenues record LE 23.9B Jan-Oct: SCA chairman

CAIRO – 3 November 2017: The Suez Canal achieved revenues amounting to LE 23.9 billion ($1.4 billion) from January to October, compared to LE 9.4 billion during the same period last year, Suez Canal Authority (SCA) chairman, Mohab Mamesh, said on Friday.

Mamesh said that next year will witness an increase in the channel’s revenues, in conjunction with the beginning of the global trade movement recovery and the adoption of flexible marketing policies that are expected to attract new shipping lines.

He continued on stressing the Suez Canal Authority’s keenness on increasing revenues through affiliate companies’ development plans and the cooperation with international bodies to adopt development projects in the region.

“The plan, which has been developed according to recent studies, will lead to doubling revenue in 2023," Mamesh said; noting that the revenue channel is fully linked to the global trade movement, since a boost in the trade movement leads to a boost in revenues and vice versa.

The number of ships transiting the international waterway rose to 2.9 percent year-on-year in the first 10 months of 2017, registering 14,462 ships carrying 859 million tons, up from 14,053 vessels that crossed it in the same period in 2016 with a total cargo of 813 million tons.