Suez Canal records 4.1% growth in March, April

CAIRO – 11 May 2017: Egypt’s Suez Canal achieved revenues worth of $853.7 million in March and April, compared to $820.4 million during the same period last year, according to a Thursday press statement from the Suez Canal Authority (SCA).

The revenues in the past two months emphasized a 4.1 percent growth according to the newly appointed head of the Suez Canal Economic Zone Authority and Chairman of the SCA Mohab Mamesh.

Mamesh attributed the growth to the increasing number of ships transiting through the vital waterway, which amounted to 2,973 ships carrying a total of 170.8 million tons in cargo compared to 2,847 ships that transited the canal during the same period last year.

“The ships increased by 14.4 percent during 2016-2017 compared to 9.2 percent in the previous year as a result of the world’s economic recovery and the development of the new Suez Canal projects,” Mamesh said.

The statement also stated that the SCA’s feasible marketing regulations and policies were the main reason behind the $200 million that were added to the canal’s revenues and managed to attract 1,270 ships carrying a total of 60.7 tons in 2016 and the first quarter of 2017.