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  • 05-01-20

    Profits of Egypt's Suez Canal reach USD5.8 billion in 2019

    (MENAFN) According to Chairman of the Suez Canal Authority (SCA) Osama Rabie, in 2019, the profits of Egypt's Suez Canal arrived at USD5.8 billion; Rabie also said that in 2018, the Suez Canal profits reached USD5.7 billion as they increased to USD5.8 billion in 2019, marking 1.3 percent boost.


    The Suez Canal transit tolls for all types of vessels will stay stable in 2020, not including only dry bulk vessels and liquefied petroleum gas carriers, as the transit tolls for both categories will grow by 5 percent, as sad by Rabie adding that, in 2019, the Suez Canal contained 18,880 ships with a net tonnage of 1.2 billion tons.


    The Suez Canal is a main lifeline for international seaborne trade since it allows ships to travel among Europe and South Asia without navigating around Africa, dropping the sea voyage distance among Europe and India by about 7,000 km.


    The man-made canal is a main source of hard currency in Egypt as about 12 percent of the world trade volume passes through it.

    MENAFN0501202000450000ID1099508470

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