World News

Egypt’s Suez Canal has recorded revenue despite the blockade crisis Business and Economic News

Osama Rabie, head of the Suez Canal Authority, said the waterway had the highest revenue in the history of the canal, reaching $ 5.88 billion.

The Suez Canal hit Egypt with a record $ 5.84 million in the last tax, he told himself on Sunday, even though the coronavirus pandemic has affected world trade and six-day lockout of a busy voyage made by a giant cargo ship.

“Despite the various challenges, the canal’s revenue rose significantly,” the ceremony ended on June 30, said Osama Rabie, head of the Suez Canal Authority (SCA).

Authorities “earned the largest revenue in the history of the canal, earning $ 5.84 billion,” two percent more than the previous year, it said in a statement.

Rabie said the SCA’s “marketing and flexible pricing policies have helped maintain a good traffic rate along the canal and have earned the trust of our partners.”

But the time was far from normal sailing.

The statement came four days after the giant container ship MV Ever Give arrived, which in March finally blocked one of the busiest shipping routes for six days. in steam After the Japanese owners reached a compensation agreement with Cairo.

A nearly 200,000-ton ship sank and married across the canal in a sandstorm on March 23, blocking a key artery from Asia to Europe, carrying 10 percent of the world’s maritime trade and earning a vital income in Egypt.

He was reinstated six days later after a huge rescue operation in which an SCA employee was killed.

Egypt, which charges a toll on ships crossing the canal, said the crisis has cost $ 15 billion a day, and marine insurers have estimated the cost of world trade to be billions of euros.

The SCA said 9,763 vessels passed through the canal in the first six months of the year, two percent more than in the same period last year.

By 2020, about 19,000 boats would cross the canal, an average of more than 50 a day.




Source link

Related Articles

Back to top button