Egypt: Suez Canal's Shipping Traffic Remains Unaffected By COVID-19 Crisis

Published April 2nd, 2020 - 12:00 GMT
Egypt: Suez Canal's Shipping Traffic Remains Unaffected By COVID-19 Crisis
Suez Canal revenues increased to $458.2 million in February compared with $433.9 million during the same month last year. (Shutterstock)
Highlights
The canal is the fastest shipping route between Europe and Asia and one of the Egyptian government’s main sources of foreign currency.

Traffic in Egypt’s Suez Canal has not been affected so far by the spread of the new coronavirus, the chief of its authority, Osama Rabie, said on Wednesday.

Rabie said there were a 4.6% increase year-on-year in the number of ships passing through.

The canal is the fastest shipping route between Europe and Asia and one of the Egyptian government’s main sources of foreign currency, Reuters reported.

The container shipping industry, a bellwether for international trade, has been blown off course by the new virus, which brought parts of China to a standstill before spreading around the world, leading container lines to re-route cargoes and reduce calls to Chinese ports.

However, the number of ships passing through the canal in the first quarter of 2020 increased by 8.4% compared with the same period a year prior, Rabie added.

Suez Canal revenues increased to $458.2 million in February compared with $433.9 million during the same month last year.


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