Economic recesssion hits global trade sector
Suez Canal revenues dropped 13 per cent year-on-year in November.
The number of ships passing through the waterway was 1,418. This is a drop of 20 per cent since the same time in 2008 and an 8.8 per cent decline since October.
The drop in traffic at the canal led to the fall in revenues to $366m in November year-on-year.
Revenues for November were also 3.8 per cent below the $380m revenue expectations of Egyptian investment bank EFG-Hermes.
Revenues in November 2008 stood at $419.8m.
Total tonnage fell 16 per cent year-on-year.
The Suez Canal had shown signs of recovery since March, but revenues remain below the peaks seen in 2008. The decline in global trade due to the economic downturn has hit the canal’s revenues.
However, EFG-Hermes expects revenues at the waterway to rise 2.9 per cent year-on-year to $4.9bn in the first half of 2010.