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Egypt's Suez Canal registers $490m in revenue in November

The Suez Canal in Egypt, 2 June 2020 [Vyacheslav Argenberg/Flickr]
The Suez Canal in Egypt, 2 June 2020 [Vyacheslav Argenberg/Flickr]

The Chairman of Egypt's Suez Canal Authority, Osama Rabie, yesterday announced that the canal's navigation movement was "normal despite the repercussions of the novel coronavirus".

Rabie told reporters that 1,614 vessels had crossed the canal In November, with a total "net tonnage of 100,200,000 tonnes."

"The regularity of navigation traffic in the canal had a great impact on the revenues increase," the official explained, pointing out that the canal's revenues had hit $488.1 million in November, compared to $476.7 million during the same period last year."

He also noted that the "flexible marketing and pricing policies adopted by the authority in recent months have succeeded in reducing the negative impact of the pandemic."

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

READ: Egypt cuts Suez Canal fees for cruise ships by 50%

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