Suez Canal receipts slide to $410.2 million in September
Canal revenues declined on the back of lower traffic.
By Amr Ramadan/Daily News Egypt October 10, 2010, 10:24 pm
CAIRO: Suez Canal revenues fell to $410.2 million in September from $436 million the previous month, according to a statement released by the Suez Canal Authority (SCA).
Growth in revenues fell to 7.2 percent in September, down from a two-year record of 17.3 percent in August.
The overall number of vessels passing through the canal fell to 1,513 vessels in September from 1,659 the previous month, with total tonnage following suit, dropping to 72.8 million from 78.3 million in August.
“We had expected a deceleration in canal revenues during the month of September, which is a seasonally slower month in terms of traffic. The canal revenue outturn, nonetheless, came in above our forecast of $370 million, reflecting a stronger improvement in global trade movements,” said investment bank Beltone Financial in an emailed statement.
“We expect a pick-up in canal revenues over the next three months to year-end as traffic activity rises boosted by discounts and incentives extended by the Suez Canal Authority to passing vessels,” the statement added.
“While transit fees are expected to remain unchanged for the remainder of 2010, we do, however, expect an increment increase in transit fees starting in 2011, when the global economic recovery and trade movements may reflect a more sustained improvement,” Beltone predicted.
According the Economist Intelligence Unit (EIU) Country Report for September 2010, “Traffic through the Suez Canal increased by 20 percent in the first half of 2010, and revenue by 12.5 percent, although 2009/10 still recorded a small overall decrease.”
According the report, the revenue growth was a result of a 20 percent increase in tonnage shipped through the canal. Nonetheless, revenue for the full year, at $4.5 billion, was still slightly below the $4.7 billion achieved in 2008/09.
The EIU report quoted Beltone Financial’s prediction that revenues in 2010/11 would reach $4.9 billion as the recovery in global trade continues.
“The global decrease in the consumption of consumer goods, particularly those imported from China, has had a significant impact on the Suez Canal since the beginning of the economic crisis,” the report said.
The report explained that when the number of ships passing through the canal dropped by 9.6 percent in 2009/10, the SCA responded by freezing transit fees until the end of 2010 ― they had previously been increased annually for several years ― and lowered tolls for certain types of ships, such as gas tankers, which can benefit from a 10-15 percent discount.
The report added that the SCA boosted the East Port Said container terminal at the canal’s northern end by announcing discounts of up to 30 percent on feeder vessels (ships carrying cargo between container terminals for loading onto bigger vessels) in July 2010.
The EIU expect revenue growth to pick up as global trade, and thus earnings from the Suez Canal and customs duties, recovers.
They also expect Suez Canal receipts and a revival of tourism to lift foreign exchange reserves, allowing the Central Bank of Egypt (CBE) to intervene to prevent sharp swings in the exchange rate. The report finds that as the Egyptian tourism sector and traffic through the Suez Canal gradually pick up from 2010, Egypt’s services balance would improve.
Suez Canal revenues up 3 pct in first quarter of 2012
Income from the waterway saw a marginal year-on-year rise of $36.4 million, according to new figures
Ahram Online and MENA, Thursday 19 Apr 2012
Revenues from Egypt’s Suez Canal were $1.255 billion for the first quarter of 2012, a rise of $36.4 million -- or 3 percent -- on the same period the year before, state news agency MENA reported on Thursday
Income from the international waterway was $1.218 billion between January and March 2011, according to an official cited by MENA.
Revenue for the month of March 2012 was $428 million.
The waterway is a vital source of foreign currency for Egypt, along with tourism, oil and gas exports and remittances from Egyptians living abroad.
Egypt completed dredging for the new shipping route in the Suez Canal, which will be inaugurated on August 6th, according to a report from the armed forces published by Aswat Masriya on Thursday.
This marks the dredging of a total of 250 million square metres and the digging of 70 million square metres in the expansion of the Ballah Bypass. The Bypass's width is now 312 metres, compared to the previous 61 metres.
The flagship project of President Abdel-Fattah El-Sisi's economic programme is set to open in August and will be attended by world leaders.
The government will fund the opening ceremony of the new waterway through donations from the public and contributions from participating dredging companies to avoid any burdens on the state budget, the head of the Suez Canal Authority, Mohab Mamesh, said last month.
Since taking office in June of last year, El-Sisi has embarked on an economic reform programme, restructuring the state budget in an effort to trim a ballooning deficit.
The mega-project to expand the Suez Canal, alongside plans to build an industrial hub and a supplies and logistics centre in the vicinity of the canal, are at the heart of El-Sisi's development plans.
；Free train services in Egypt on Thursday to mark new Suez Canal
h
ttp://english.ahram.org.eg/News/136893.aspx @ahramonlineさんから
Inauguration of a new channel of the Suez Canal takes place on Thursday
Ahram Online , Tuesday 4 Aug 2015
Egypt's Transportation Minister Hany Dahy has said that Egyptians will be able to use railways services for free on Thursday, on the occasion of the inauguration of the "new Suez Canal" waterway.
In a television interview on Saturday, Dahy said that it was a gesture of thanks to the Egyptian people who had financed the digging of the new waterway in only seven days -- a reference to the LE64 billion-worth of Suez Canal bonds used to finance much of the project.
Metro services in the governorates of Cairo and Giza will also be free from 4pm to 8pm on Thursday, the minister added.
The capital's underground metro stations have already begun to celebrate the coming ceremony, by broadcasting patriotic songs on their internal radio stations.
The new Suez Canal waterway, an extension to part of the existing Suez Canal, will be inaugurated on Thursday by President Abdel-Fattah El-Sisi. Global figures are expected to attend the event.
Free services around Cairo on ThursdayParks, museums, and public transportation will be free of charge in celebration of new Suez Canal waterway
Ahram Online , Wednesday 5 Aug 2015
In celebration of the inauguration of the "new Suez Canal" waterway, Governor of Cairo Galal Saeed announced on Wednesday that free bus services will take effect on Thursday and entrance to all parks will be free for the following two days, state news agency MENA reported.
Saeed said that the gesture encourages Egyptians to celebrate the opening of the Suez Canal and to provide smooth transportation without having to worry about parking or traffic jams.
"Stages were placed in the Old Cairo districts of Al-Sayeda Zeinab, Sultan Hassan, and Abdeen, in addition to Roxy, where national music and traditional dances will be performed," said Saeed, adding that screens will be available to live stream the opening of the Suez Canal.
On Tuesday, Egypt's Transportation Minister Hany Dahy said that Egyptians will be able to board railways for free and Metro services in the governorates of Cairo and Giza will be available for free from 4pm to 8pm on Thursday.
Streetlights and signage all around Cairo are being repaired. Additionally, Ismailia-Suez road and roads to and from the airport will be paved, stated Saeed.
Minister of Antiquities Mamdouh El-Damaty announced that all museums and archaeological sites around Egypt are to be opened for free on Thursday.
El-Damaty calls on all Egyptians to visit museums and archaeological sites within their governorate to celebrate the opening of the new Suez Canal waterway, adding that Egyptians should send the whole world a message that Egypt is safe and that Egyptians are proud of their heritage.
The new Suez Canal waterway, an extension of the existing Suez Canal, will be inaugurated on Thursday by President Abdel-Fattah El-Sisi. International heads of state are expected to attend the event.
Egypt's Suez Canal revenue sees 7 pct year-on-year drop in October ht
tp://english.ahram.org.eg/News/169150.aspx @ahramonlineさんから
Ahram Online , Thursday 19 Nov 2015
Egypt's monthly receipts from the Suez Canal fell close to 7 percent year-on-year in October according to data posted on the Suez Canal Authority's website on Thursday, Reuters reported.
Revenues from the canal in October fell to $449.2 million, compared to $482.3 million in October 2014.
The figure, however, represented a slight rise compared to the $448.8 million in receipts recorded in September 2015.
The canal is the fastest shipping route between Europe and Asia and is one of the country's main sources of foreign currency.
Suez Canal Authority Head told state-run news agency MENA on Wednesday that receipts from the international waterway have been hit by a slow down in global economic activity, and that he is confident they would pick up in early 2016.
Egyptian President Abdel-Fattah El-Sisi inaugurated an expansion of the canal in August, which the Egyptian government claimed would bolster revenues from the waterway from $5.3 billion in 2014 to $13.2 billion in 2023, a prediction which economists questioned in light of projections for global trade at the time.
