Revenues at the Suez Canal hit US$450 million last month
Revenues at the Suez Canal reached $449,200,000 in July after 1476 vessels passed through (northward and southwards) carrying a cargo of 78,827,000 tons. On Thursday 42 ships crossed the canal from both directions carrying 2,094,000 tons.
According to a statement from the Suez Canal Authority, the number of ships entering from the north totalled 19 with total haulage of 1,098,000 tons, whilst 23 ships entered from the southern side carrying 995,000 tons of cargo. The largest vessels entering from the north were the Danish Maersk container ships which carried 171,000 tons.
Official shipping statistics from the Authority show that the waterway saw 730 ship crossing including convoys from the north with cargo of 38,408,000 tons, whilst 746 ships crossed from the south with 40,419,000 tons on board.
The Suez Canal achieved its highest weekly revenue in its history in the final week of July since it opened 142 years ago on 17 November 1869.
According to the Suez Canal Authority, all revenues are deposited in the Central Bank of Egypt for the benefit of the state, and regulated by the authorities including the Central Auditing Agency. Crossing fees are paid in foreign currencies which are transferred daily to the Central Bank via state owned and state approved banks.
Ahmed Ali Fadil, president of the Authority explained in a statement issued on Sunday that the budgetary sector requires the Canal to pay budgetary revenue estimates approved by the Finance Ministry on a monthly program of weekly payments so that the Ministry can establish the necessary cash payments.
Revenue and cost estimates are based on studies undertaken by the relevant bodies at the Suez Canal Authority, with budgetary projects prepared and discussed with the Finance Ministry and the Planning and Budget Committee of the National Assembly after which laws can then be adopted.(Source: www.yallafinance.com)