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FINANCIAL NEWS
No threat to Suez Canal by conflicts in Egypt
01 Feb 2011
(MENAFN) A senior technical executive with the Lloyd’s Market Association, Neil Roberts, said that recent conflicts in Egypt had no effect on ships passing through the Suez Canal waterway and that the 192-km canal is currently under no risk, reported Arab News.
Egyptian security firm AKE said that the protection of the canal is a major priority for the Egyptian military, which had increased its presence around the waterway. Also, the curfew time, which was obligatory all over the country, made it impossible for shipping agents to board vessels.
It is worth noting that the Suez canal is considered Egypt’s main passageway for Europe’s crude oil and imported goods, earning the country almost $5 billion last year in receipts from shipping traffic.
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