291 ships cross Suez Canal waterway last week amid revenue drop
New Suez Canal project

CAIRO: A total of 291 ships weighing 17.4 million tons have crossed the Suez Canal waterway during the past week, Youm7 quoted the authority report Friday.

According to the report, some 158 ships weighing 8.8 million tons crossed the canal, while a total of 133 with 8.6 million tons crossed the new water lane, inaugurated in Aug.6.

The main Suez Canal waterway is one of Egypt’s core sources of income, providing about 10 percent of the nation’s hard currency.

Youm7 quoted a Suez Canal Authority (SCA) report Thursday that showed a drop in the canal’s revenues in November to $408.4 million, after it recorded $449.2 million in October.

According to the authority’s data, revenues dropped over the past months. Reuters indicated that November revenues came as the lowest since February

An October report by the SCA said that the revenues of Suez Canal were down to $448.8 million in September, from $462.1 million in August.

The new 72-kilometer canal was inaugurated parallel to the old one, aiming to speed up transit time, bolster the country’s limping economy and boost annual revenue up to $13.5 billion by 2023.

 Additional reporting by Gamal Heragy from Ismailia 

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