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Record numbers for Suez Canal’s revenues in a year

Suez Canal's revenues

Cairo, (Business News Report)|| Egyptian Suez Canal’s revenues witnessed record revenues during the year, to reach at the end of last April 115.7 billion pounds.

According to data issued by the Central Agency for Mobilization and Statistics in Egypt, the revenues of the Suez Canal’s revenues recorded about 11.6 billion pounds in the month of April. They were only EGP 8.7 billion in the corresponding month in 2021, an increase of EGP 2.9 billion, registering an increase of 33%.

During April of last year, the channel’s revenues amounted to about 8.7 billion pounds, recorded 8.3 billion pounds in May 2021, then 7.8 billion pounds in June 2021, and rose to 8.3 billion pounds last July.

The revenues of the Suez Canal in August of last year amounted to about 8.8 billion pounds, 8.7 billion pounds in September, and 8.7 billion pounds last October.

Revenues rose last November to reach 9 billion pounds, then fell to about 8.7 billion pounds last December.

Last January, the channel’s revenues recorded about 8.5 billion pounds, then rose to 8.6 billion pounds in February, and continued to rise to reach about 10 billion pounds last March.

A few days ago, the Egyptian Finance Minister, Mohamed Maait, had expected that the channel’s revenues would approach $7 billion by the end of the current fiscal year, which ends on June 30, 2022.

He explained that tourism revenues are expected to reach between 10 and 12 billion dollars by the end of the fiscal year, despite the Ukrainian crisis, according to Reuters.

Meanwhile the head of the Egyptian Suez Canal Authority, Osama Rabie, revealed earlier that the canal achieved the highest monthly revenues in its history at $629 million last April.

He said that revenues increased by 13.6% compared to the same month last year, when it amounted to $553.6 million.

The authority had announced that it would raise transit fees for a number of categories of ships, starting from the first day of last May.

It stated that it will raise the additional transit fees for crude oil tankers and loaded petroleum derivatives to 15% above the normal fees, instead of 5% previously.

It will also continue to charge an additional fee for empty carriers at the rate of 5% of the normal transit fees.

The authority also decided to raise the additional fees on loaded LPG carriers and tankers of chemical materials and other liquid materials, to 20% of the normal fees, instead of 10% previously.

The surcharge imposed on loaded dry bulk vessels will rise to 10%, from 5% previously, while other ships will have to pay an additional fee of 14% instead of the previous 7%.