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Monday, 30/05/2022, 06:41 (GMT +7)
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Egypt expects Suez Canal revenue to spike 27%
Egypt expects Suez Canal revenue to reach $7 billion in the 2021-22 financial year, which ends June 30, up 27% from $5.5 billion last year, the Finance Minister Mohamed Maait said.
Container ships through the Suez Canal (Image: Istock)
In 2021, revenue from the canal reached a record $6.3 billion, up 13% from $5.6 billion in 2020.
The canal is the fastest route between Europe and Asia, and despite a 10% increase in tolls implemented in March, it still saves shipping lines hundreds of thousands of dollars in time and fuel, compared to sailings around the Cape of Good Hope.
Asian shipowners are among the most vocal complainers about the increase in transit fees through the Suez Canal, in addition to the tax hike that was introduced in early February.
Seatrade Maritime News calculates a 9.4% increase in fees for southbound transit by standard bulk vessel.
Suez Canal Fee for Dry Bulk Ships (Source: Wilhelmsen Ships Service/ Seatramaritime | Screenshot 2022-05-26)
Egypt has mobilized public support for a widely registered national public debt program to finance the $8.5 billion canal expansion, to be completed in 2015. Expected will complete the follow-up work next year.
With container shipping lines reporting profits of around $190 billion last year and $60 billion in the first quarter of 2022, Egypt is likely to maintain toll pressure for some time to come.
Despite the fact that tourist arrivals to Egypt are down 35% due to the impact of the conflict between Russia and Ukraine, Maait expects tourism revenue to reach $10-12 billion by the end of the financial year.
The canal, as well as tourism revenue, is crucial to Egypt's GDP, which the International Monetary Fund projects to $435.6 billion in nominal terms by 2022.
See more:
- Suez Canal increases transit tolls, putting pressure on global supply chains
- Ever Given vessel is about to leave Suez after reaching a compensation agreement with SCA
- Ever Given shipowner blames SCA for Suez canal blockage
Source: Phaata.com (According to SeatradeMaritime)
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