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Suez Canal June revs at $383.7 mln - Daily News Egypt

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Suez Canal June revs at $383.7 mln

  Egypt’s Suez Canal revenues rose 10 percent year-on-year to $383.7 million in June but fell from May, a state website showed on Tuesday.   Some 1,482 vessels passed through the canal in June, up 5.8 percent from a year earlier, the Egyptian cabinet’s information website said on Tuesday. Non-oil vessel traffic declines 6.3 percent …


 

Egypt’s Suez Canal revenues rose 10 percent year-on-year to $383.7 million in June but fell from May, a state website showed on Tuesday.

 

Some 1,482 vessels passed through the canal in June, up 5.8 percent from a year earlier, the Egyptian cabinet’s information website said on Tuesday.

Non-oil vessel traffic declines 6.3 percent from May to 1,187 vessels.

The Suez Canal is a vital source of foreign currency in Egypt, along with tourism, oil and gas exports and remittances from Egyptians living abroad.

"June revenues were in line with our forecast of $380 million, as we had expected revenues to decline in June 2010, being a seasonally slower month," Reham ElDesoki of Beltone Financial said in a statement.

"Going forward, we expect Suez Canal revenues to rebound in July 2010 and the following months as global trade improves, especially between Asia and the US," said ElDesoki.

If the Canal Authority decides to raise transit fees in 2011, this would raise revenues in fiscal year 2010-2011 to US$5 billion, ElDesoki added.
 

 

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https://dailyfeed.dailynewsegypt.com/2010/07/07/suez-canal-june-revs-at-3837-mln/
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