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The Suez Canal authority has finally released transit data for the first time in six months. The country spent $8bn on completing an expansion of the route – allowing larger vessels and shorter transit times – in August 2015. Many observers put the hiatus in what had been monthly data down to official embarrassment over the fact that revenues were flat-to-down despite the investment.
President Abdel Fatah al-Sisi, in lauding the expansion, said at the time that annual revenue could reach $13bn by 2023 (MEES, 31 July 2015).
The freshly-released January-October 2016 data do indeed show a modest fall in revenues to $4.20bn, down 3% year-on-year (see chart). This is not great news for cash-strapped Egypt, which could do with every penny it can get. However, in some ways it is a decent performance given the global economic headwinds. (CONTINUED - 1328 WORDS)
DATA INSIDE THIS ARTICLE
|table||Suez Canal Traffic (Mn Tons)|