Suez Canal revenues down nearly 50% due to crisis in Red Sea, says Egyptian president
The Suez Canal’s revenues dropped by at least 40-50% amid the recent developments in the Red Sea, President of Egypt Abdel Fattah al-Sisi said. "The situation in the Gaza Strip and events related to it affect Egypt as well. In particular, previously the Suez Canal brought in some $10 bln per day, and now we register a decrease in revenues by 40-50%," he said at the opening of EGYPES-2024 (Egypt Energy Show), adding that despite this, Egypt "still tries to meet its obligations to partners" in various sectors.
On January 16, Chairman of the Suez Canal Authority Osama Rabie also noted that the Suez Canal’s revenues were falling. In the first half of January the canal’s revenues fell by 41% year-on-year, while the number of vessels passing through the Suez Canal went down by 30% compared with the same period last year, with their tonnage having decreased by 41%. Egypt’s revenues from the Suez Canal exceeded $10 bln last year. The canal is one of the Egyptian government’s biggest cash cows and helps the country boost its dollar reserves.
The Suez Canal’s revenues dropped by at least 40-50% amid the recent developments in the Red Sea, President of Egypt Abdel Fattah al-Sisi said. "The situation in the Gaza Strip and events related to it affect Egypt as well. In particular, previously the Suez Canal brought in some $10 bln per day, and now we register a decrease in revenues by 40-50%," he said at the opening of EGYPES-2024 (Egypt Energy Show), adding that despite this, Egypt "still tries to meet its obligations to partners" in various sectors.
On January 16, Chairman of the Suez Canal Authority Osama Rabie also noted that the Suez Canal’s revenues were falling. In the first half of January the canal’s revenues fell by 41% year-on-year, while the number of vessels passing through the Suez Canal went down by 30% compared with the same period last year, with their tonnage having decreased by 41%. Egypt’s revenues from the Suez Canal exceeded $10 bln last year. The canal is one of the Egyptian government’s biggest cash cows and helps the country boost its dollar reserves.
Suez Canal revenues down nearly 50% due to crisis in Red Sea, says Egyptian president
The Suez Canal’s revenues dropped by at least 40-50% amid the recent developments in the Red Sea, President of Egypt Abdel Fattah al-Sisi said. "The situation in the Gaza Strip and events related to it affect Egypt as well. In particular, previously the Suez Canal brought in some $10 bln per day, and now we register a decrease in revenues by 40-50%," he said at the opening of EGYPES-2024 (Egypt Energy Show), adding that despite this, Egypt "still tries to meet its obligations to partners" in various sectors.
On January 16, Chairman of the Suez Canal Authority Osama Rabie also noted that the Suez Canal’s revenues were falling. In the first half of January the canal’s revenues fell by 41% year-on-year, while the number of vessels passing through the Suez Canal went down by 30% compared with the same period last year, with their tonnage having decreased by 41%. Egypt’s revenues from the Suez Canal exceeded $10 bln last year. The canal is one of the Egyptian government’s biggest cash cows and helps the country boost its dollar reserves.
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