According to Egypt’s
Al-Mal News, data released this week for last month shows that revenues of the Suez
Canal dropped by 64.3% to approximately $337.8 million, compared to $648
million recorded in May 2023.
The number of vessels transiting
the canal in May also dropped to 1,111, which is lower than 2,396 ships that
crossed during a similar period last year. As a result of
reduced ship traffic, the cargo volume passing through the Suez Canal dropped
by 68.5% last month to about 44.9 million tonnes. In May 2023, the total cargo
tonnage was 142.9 million tonnes.
The Suez Canal
Authority Chief Osama Rabie said in media
statements last week that the canal's income decreased to $428 million in
January compared to $804 million in the same period in the previous year.
According to the head of the Suez Canal Authority Osama Rabie, the traffic of
ships in the waterway witnessed a 30% decline compared to the same period of
2023.
During the fiscal year 2022/2023,
the returns from the Suez Canal hit a record-breaking $9.4 billion.
The Suez Canal
Authority (SCA) has extended fee discounts for a range of vessels on selected
long-distance trades. Initially, SCA had introduced the fee reductions back in
January, with some discounts as high as 75% for product tankers and crude
carriers on voyages between Americas and Asia.
The new extension of discount
rates will be valid until end of the year, covering 12 categories of ships
including bulk carriers, container ships and LNG carriers.