Mar 10 2010 |
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Suez Canal revenues drop
9 March 2010Suez Canal revenues declined to $334.1 million in February 2010, from $383.6 million in January, due to a decline in non-oil vessels traffic and tonnage, showed data released by the Cabinet.
In its daily market report, Beltone Financial said the annual change in revenues dropped to 10.7 percent in February, from 15.4 percent in January, as the annual growth in non-oil vessels declined to 3.4 percent in February, compared to 9.8 percent annual growth in January.
On a monthly basis, revenues dropped by 12.9 percent in February, non-oil traffic by 12.3 percent and non-oil tonnage by 13.1 percent.
"We had expected a decline in revenues in February, considering it is usually a weak month in the year, due to the seasonal decline in non-oil activity, possibly due to weather conditions," Beltone said.
The following two months should see revenue levels rebound, with total revenues reaching around $4.8 billion in fiscal year 2009/2010, compared to $4.7 billion in fiscal year 2008/2009, Beltone added.
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