Egypt’s Suez Canal Authority announced that its revenue in June went down to $415.9 million from the $434.6m earned in 2 months ago.
Vessels passing the Suez Canal
More concerning for the Egypt is the drop from the $445.2m earned a year ago in June.
The Suez Canal, which is the connection of the Mediterranean with the Red Sea, is a important foreign currency earner for Egypt, of course with the tourism, oil and gas exports and people living abroad sending money in the country.
Profits have been declining in these years as vessel owners decide to send their vessels around the Cape of Good Hope to avoid the piracy-plagued waters of the Indian Ocean and Gulf of Aden.
The turbulence in the shipping markets have also impacted fewer vessels to pass through the canal.