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 US$337.8 million, as compared to US$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 tons. In May 2023, the total cargo tonnage was 142.9 million tons.
The Suez Canal Authority (SCA) Chief Osama Rabie said in
media statements last week that the canal's income decreased to US$428
million in January compared to US$804 million in the same period in the
previous year.
According to the head of the SCA, 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 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.
