Suez Canal makes record revenue in two days

Suez Canal makes record revenue in two days

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Wed, 07/11/2012 - 21:37

Suez Canal Authority President Mohab Mamish said on Wednesday that the canal made record revenue of US$34.5 million in just two days, with 114 different types of vessels carrying loads of 6.2 million tons.

Revenues on Tuesday reached US$16.9 million, equal to LE103.2 million, Mamish said, adding that revenues on Wednesday were US$17.6 million, equal to LE107.4 million.

He also said that the flexible marketing policy of the authority and the ongoing development of the channel were key factors in achieving such high income, projecting a record revenue by the end of the year.

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

Memish said in September that revenue from Suez Canal will not fall this year from the US$5.2 billion it achieved in 2011. The canal authority raised toll fees for all vessels passing through the waterway by three percent in March.

Edited translation from MENA