Suez Canal’s revenues rise to $503.1 mln in May

Suez Canal’s revenues jumped to $503.1 million during May 2018, compared to $479.3 million in April 2018, official data revealed.

In April, the revenues climbed 12 percent to record $479.3 million, compared to $427.9 million in the same month of 2017.

Chairman of the Suez Canal Authority, Mohab Mamesh, announced Monday that the revenues of the Suez Canal marked a historic annual record, increasing by 16.7 percent at most times throughout 2018 compared to 2017.

The canal’s revenues rose by 15 percent in the first two months of 2018, recording $887 million, compared to $771 million in the same two months of 2017.

In February 2018, the revenues of the canal reached $435.8 million, compared to $541.9 million in January of the same year, marking an increase of 3.56 percent.

The Central Agency for Public Mobilization and Statistics (CAPMAS) said earlier that the revenues of Suez Canal reached 12.2 billion pounds during the first quarter of financial year 2017/2018, compared to11.5 billion pounds during the same period of the previous year, with a 6.1 percent increase.

In 2017, Suez Canal revenues rose to $5.3 billion from $5 billion in 2016. The Suez Canal is an artificial sea-level waterway that connects the Mediterranean Sea to the Red Sea.

It provides the shortest maritime route between Europe and the lands lying around the Indian and western Pacific oceans.

It is also considered to be one of the world’s most heavily used shipping lanes and it is a source of foreign currency for Egypt.

Source: Egypt Today