REVENUE from the Suez Canal increased one percent in May year on year to US$438.1 million, driven by a rise in the total tonnage and a rise in tolls, the Suez Canal Authority (SCA) said.
Containership tonnage went up 33 per cent while oil tanker volume increased 22.5 per cent in May year on year, said the SCA.
Now benefiting from increased Asian cargo bound for the east coast United States, the waterway is one of the country's main sources of foreign currency, along with tourism, oil and gas exports and remittances from Egyptians living abroad.
On May 1, Egypt raised the fees, reported Reuters. but Mahmoud Rizk, deputy-head of the department of planning and research at the SCA, said there had been a decline in liquefied natural gas (LNG) shipments.
More Qatari gas heads to Japan today in the aftermath of the 2011 Fukushima nuclear disaster, which prompted a switch in energy sources. Today, Japan consumes 33 per cent of global LNG shipments.
But Mr Rizk expects a rebound in 2014 in natural gas shipments passing through the canal as Qatari gas exports to Europe and the United States resume.
WORLD SHIPPING
17 June 2013 - 20:15
Suez Canal May revenues increase 1pc on 33pc more boxes and fee hike
REVENUE from the Suez Canal increased one percent in May year on year to US$438.1 million, driven by a rise in the total tonnage and a rise in tolls, the Suez Canal Authority (SCA) said.
WORLD SHIPPING
17 June 2013 - 20:15
Suez Canal May revenues increase 1pc on 33pc more boxes and fee hike
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