Sep 08 2010 |
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Economic performance: Suez Canal traffic shows signs of growth after global slump
Revenue for the Suez Canal, one of Egypt's main sources of hard currency, picked up in the second half of fiscal year 2009/10 (July-June), growing by 12.5% compared with the first half of the year. The revenue growth was a result of a 20% increase in tonnage shipped through the canal, according to the Suez Canal Authority ( SCA ). Nonetheless, revenue for the full year, at US$4.5bn, was still slightly below the US$4.7bn achieved in 2008/09. Beltone Financial, a local analysis firm, expects revenue in 2010/11 to reach US$4.9bn as the recovery in global trade continues.
The global decrease in the consumption of consumer goods, particularly those imported from China, has had a significant impact on the Suez Canal since the beginning of the economic crisis. In 2009/10 the number of ships passing through the canal dropped by 9.6%, the SCA said. It has responded by freezing transit fees until the end of 2010 (they had previously been increased annually for several years) and lowered tolls for certain types of ships, such as gas tankers, which can benefit from a 10-15% discount. In July 2010 the SCA announced discounts of up to 30% on feeder vessels (ships carrying cargo between container terminals for loading onto bigger vessels), thus also boosting the East Port Said container terminal at the canal's northern end.
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