Egypt Independent

Suez Canal makes record revenues in October



The head of the Suez Canal Authority Osama Rabea said on Friday that navigation statistics for the Suez Canal during October show record figures in revenues and net monthly payloads.

Rabea explained that the Canal’s revenues reached US$515.1 million during October. He added that the total net tonnage amounted to 108.9 million tons compared to 103 million in October of last year, an increase of 5.9 million tons by 5.7 percent.

During the past month, 1,790 ships crossed from both directions, compared to 1,657 in October last year, an increase of 133 ships by eight percent.

The Suez Canal is the fastest shipping route between Europe and Asia, and serves one of the Egyptian government’s main sources of foreign currency.

The previous head of the Suez Canal Authority Mohab Mamish announced on August that revenues of the Suez Canal in the fiscal year 2018/ 2019 reached LE104.2 billion.

Mamish said that the Suez Canal achieved record numbers in tonnages and numbers of ships passing through the waterway, adding that the Suez Canal revenues go to the state treasury and thereby benefit the Egyptian people.

Edited translation from Al-Masry Al-Youm