Egypt: Suez Canal Revenue Grew 5.4% in 2017

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The revenue earned from the Suez Canal rose 5.4 percent to hit dlrs 5.3 billion in 2017 compared with dlrs 5 billion in 2016, Chairman of the Suez Canal Authority and the Suez Canal Economic Zone (SCZone) Mohab Mamish revealed last week.

Receiving members of Sporting Club and the international women’s club at the Suez Canal Authority’s Maritime Training and Simulation Center, Mamish said the 2017 statistics recorded a noticeable growth in the number of the ships and vessels transited the canal and their cargoes, which proved the economic feasibility of the New Suez Canal.

The Suez Canal revenues in EGP terms surged by 89.5 percent to reach 93.8 billion in 2017, compared to 49.5 billion in 2016, benefiting from the Egyptian pound flotation.

The Suez Canal Authority’s policies supported the increase in the number of transited ships and its cargoes to 17,550 vessels and billion tons in 2017, compared to 16,833 and 974 million tons in 2016, soaring by 4.3 and 6.9 percent respectively.

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