FINANCIAL NEWS

Suez Canal H1 revenues climb 12.5%

27 Jul 2010

(MENAFN) Revenues from Suez Canal, one of Egypt’s top sources of foreign currency, were $4.542 billion for fiscal year 2009-2010, down from a record $5.11 billion in fiscal 2007-08, Reuters reported.

The canal, widely viewed as a barometer of world trade, is still not as busy as it was before the global financial crisis, the canal authority’s chairman said in a statement.

Canal revenues for the first half of 2010 reached $2.251 billion, up 12.5 percent from the same period a year earlier, while the number of ships passing through increased 3.3 percent to 8,651.

The canal’s total tonnage shipped jumped 20 percent in the first half of 2010 to 313.4 million tons compared with the same period a year earlier, industry sources said.

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