Egypt's Suez Canal revenue rebounds after slowdown

11:49, July 27, 2010      

Email | Print | Subscribe | Comments | Forum 

Egypt's Suez Canal is seeing its revenue rebound in the past fiscal year after a sharp decline due to the impact of the global economic slowdown.

The drop in revenue for the last fiscal year, which started in July 2009 and ended in June 2010, was only 4.2 percent, compared with a fall of 20.3 percent in the previous fiscal year, Ahmed Fadel, chairman of the Suez Canal Authority (SCA), told a press conference here on Monday.

Suez Canal traffic shows positive signs of recovery in the first half of this year, he said.

The number of ships passing through the waterway increased 3.3 percent in the first half of 2010 to reach 8,651, compared with 8,375 in the same period last year. The volume of cargo grew 20 percent to 313.4 million tonnes, the chairman added.

The canal's revenue for the first half of 2010 reached 2.25 billion U.S. dollars, a growth of 251 million dollars, or 12.5 percent from the same period in 2009.

The waterway's revenue in the 2009/2010 fiscal year was 4.54 billion U.S. dollars.

Fadel said the Suez authority will continue its efforts to further develop the waterway and increase its capabilities of allowing bigger vessels to pass through.

In January this year, the SCA began to increase the permissible draught of passing vessels to 66 feet and decided to keep the traffic tolls unchanged and maintain all initiatives and rebates for some kinds of ships.

Around seven percent of sea transported world trade passes through the Suez Canal, making it a barometer of global trade. The Suez Canal revenue is one of the major sources of income for Egypt.

Source: Xinhua

(Editor:祁澍文)

  • Do you have anything to say?

双语词典
dictionary

  
Special Coverage
  • Premier Wen Jiabao visits Hungary, Britain, Germany
  • From drought to floods
Major headlines
Editor's Pick
  • Staff members watch a screen showing the blast-off of the Long March-2FT1 carrier rocket loaded with Tiangong-1 unmanned space lab module at Beijing Aerospace Control Center, Sept. 29, 2011. Commander-in-chief of China's manned space program Chang Wanquan announced Thursday night that the launch of Tiangong-1 space lab module was successful. (Xinhua/Wang Shen)
  • Chinese President Hu Jintao watches the launch of Tiangong-1 space lab module at Beijing Aerospace Control Center in Beijing, capital of China, Sept. 29, 2011. Other members of the Standing Committee of the Political Bureau of the Communist Party of China (CPC) Central Committee, including Wu Bangguo, Jia Qinglin, Li Changchun, Xi Jinping, Li Keqiang and Zhou Yongkang, are also present. (Xinhua/Rao Aimin)
  • The graphics shows the launch procedures of the carrier rocket of Tiangong-1 space lab module, Long March-2FT1 on Sept. 29, 2011. (Xinhua/Lu Zhe)
  • Image taken from Beijing Aerospace Control Center shows a Long March-2FT1 carrier rocket loaded with Tiangong-1 unmanned space lab module blasting off from the launch pad at the Jiuquan Satellite Launch Center in northwest China's Gansu Province, Sept. 29, 2011. (Xinhua)
  • On Sept. 28, tourists travel around the Mingshashan Scenic Area in Dunhuang, Gansu province by camel. With the National Day vacation right around the corner, more and more tourists from home and abroad are going to Dunhuang. Riding on a camel, they travel in the desert to enjoy the cities rare form of natural scenery. (Xinhua/Zhang Weixian)
  • Chinese forest armed forces work together with forest firefighters on Sept. 28. (Xinhua/Chai Liren)
Hot Forum Discussion