Egypt: The right of way rules for cruise yachts using the Suez Canal have been modified by the authority in charge of managing the canal
#CanalDeSuez #Economy #Suez #Water #EGYPT
Agence Ecofin
Friday 21 April 2023 Last update on Friday, April 21, 2023 At 7:27 AM

The artificial canal linking the Mediterranean to the Red Sea handles more than 10% of world maritime trade, and represents one of the country's main sources of foreign currency.

Suez Canal revenues hit $2.3 billion in the first quarter of 2023, up 35% from the same period in 2022, according to data released on Tuesday (April 11) by the Canal Authority. of Suez (SCA).

The number of ships that crossed this waterway connecting the Mediterranean to the Red Sea between January 1 and March 31 of the current year increased by 20%, compared to the same period of the previous year, a- we added from the same source.

A record 107 ships transporting 6.3 million tonnes of goods was recorded on March 13.

The Suez Canal handles more than 10% of world maritime trade and represents one of the main sources of foreign currency for Egypt, whose economy is bearing the brunt of the repercussions of the war in Ukraine.

Cairo expects revenue from this approximately 190 km long waterway to reach $8.7 billion in 2023 from $7.93 billion in 2022.

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