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Suez Canal records annual increase in revenues for first time in 13 months - Daily News Egypt

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Suez Canal records annual increase in revenues for first time in 13 months

The authority revealed that $401.4m were recorded revenues in February

The Suez Canal Authority revealed on Tuesday details of the canal’s revenues for February 2016 in Egyptian pounds. Revenues totalled EGP 3.108bn, compared to EGP 2.871bn in February 2015, marking an increase of 8.25%.

The authority announced in a press release on 3 March that in February 2016, revenues of $401.4m were recorded, compared to revenues of $382m at the same time last year, registering an increase of 5.08%.

In February, a total of 1,300 ships transited the canal, with total cargo of 77.716m tonnes, compared to 1,219 ships, with cargo of 73.021m tonnes during the period of comparison.

In January 2016, revenues were recorded at EGP 3.179bn, equivalent to $411.8bn. About 1,424 ships, with total cargo of 80.612m tonnes, transited the canal in January 2016.

February 2016 is considered the first time in 13 months that Suez Canal revenues increased in a year-on-year comparison. In January 2015, revenues of $434.8m were recorded compared to $433.4m in the same month of 2014.

In 2015, revenues of the Suez Canal amounted to $5.175bn, compared to $5.465bn in 2014. The Suez Canal Authority expects revenues to increase to an annual value of $13.2bn by 2023.

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