Suez Canal revenues dip 2.9% in September
A cargo ship is seen crossing through the New Suez Canal, Ismailia, Egypt, July 25, 2015. The first cargo ships passed through Egypt's New Suez Canal on Saturday in a test-run before it opens next month, state media reported, 11 months after the army began constructing the $8 billion canal alongside the existing 145-year-old SuezCanal. Mohab Mameesh, chairman of the Suez Canal Authority overseer of the project, told state television that this test-run had been a success and that more would follow. REUTERS/Stringer

CAIRO: Suez Canal revenues dropped to $448.8 million in September, from $462.1 million in August, data from the Suez Canal Authority (SCA) showed.

The figure marks a 2.87 percent decline ($13.3 million) in the waterway revenues in September, as the number of vessels crossing the canal slipped to 1,515, compared to 1,585 vessels at August-end.

The waterway is one of Egypt’s core sources of income, providing about 10 percent of the nation’s hard currency. In 2014, Suez Canal revenues registered $5.456 billion, marking 6.75 percent growth compared to $5.111 billion a year earlier.

In August, President Abdel Fatah al-Sisi inaugurated the multi-billion dollar project of the “New Suez Canal” a year after its launch.
Egypt hopes the expansion project which provided a new 72-kilometer canal parallel to the old one to speed up transit time, would bolster the country’s limping economy and boost annual revenue up to $13.5 billion by 2023.

In 2014, the canal revenues amounted to $5.4 billion.

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