The Suez Canal is one of Egypt’s main sources of revenue
Revenues from Egypt’s Suez Canal increased 10.7 per cent to $334.1m in February 2010 compared to the same period the previous year.
However, revenues at the canal declined compared to January, which saw revenues rise to $383.6m, a year-on-year increase of 15.4 per cent.
The number of vessels passing through the waterway was 1,256 in February last month, which was a 1.3 per cent decline from February 2009 and an 11.4 per cent decline from January 2010.
Non-oil vessel traffic rose 3.9 per cent to 999 vessels from February 2009, but fell 12.3 per cent from January, according to the Suez Canal Authority..
The decline in February revenues was expected due to it being a weak month because of the seasonal decline in non-oil activity.
Total revenues at the Suez Canal are expected to rise 2.9 per cent year-on-year to $4.9bn in the first half of 2010, according to local investment bank EFG-Hermes (MEED 13:1:10).
The waterway is one of Egypt main sources of revenue along with tourism, petroleum exports and remittances from Egyptians living overseas.
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