Egypt Cashing in on Suez Canal

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good news:

STATISTICS
SUEZ IN GROWTH
IN FEBRUARY

The ships transited the Suez Canal in February 1352 were (+7.6% compared to February 2010), of which 251 oil (-2.3%) and 1,101 other types of ships (+10.2%). Vessels passing through the two-month period from January to February 2837 were (+6.1%), of which 549 oil (+2.4%) and other 2288 (+7.0%).

shippingonline.it

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Revenues at the top
boom in the Mediterranean
Suez marked the record


Suez - The traffic across the Mediterranean to return to pre-crisis levels and, thus, Egypt, that thrives on tourism, but also of the proceeds obtained by crossing the Suez Canal, smiles: in July the Authority announced that the tolls have reached a record level of $ 450 million due to the passage of 1,476 ships for 78,827,000 tons of goods. The last week of July, in particular, was the best ever for revenues from the canal when it opened on 17 November 1869.

If you look at the total of the first seven months, it turns out that if the number of vessels is in fact less than last year, since using larger and larger units, tons of transported goods are going up compared to 2010 levels approaching pre-crisis. The Mediterranean is a sea busy back for the goods and also for the transportation of oil. During the crisis, Egyptian, Brent had reached record levels on fears of a disruption of traffic through the channel, though, in fact, there never was: the ghost of 1967 when the Suez was closed for eight years after the war with Israel, has remained in place. There remains the fear of pirates, but even so, the route through the Suez continues to be considered essential and no alternative. To date, every day through the channel, or passing through the pipeline that runs alongside, 4 million barrels of oil per day, equivalent to about 4.5% of world production.

To these volumes must be added 2.9 million barrels (U.S. Energy Information Administration data refer to 2009) to cross the Channel each day of the Bosphorus. Here engages the second project - for now indeed in very preliminary stage - which could further increase the volumes transported across the Mediterranean. Turkey, in fact, to ease traffic through the Bosphorus every day, is likely to cause irreversible environmental damage to the city in case of an accident, an effort to create a large artificial canal. This major project, the Bosporus 2, provides for the creation of a long waterway between 45 and 50 km wide, 150 meters deep and 25, which connects the Sea of ​​Marmara with the Black Sea to the Aegean, with the aim to move here all of tanker traffic. The project seems to be the head of Prime Minister Tayyip Erdogan since turkish, mayor of the capital, had to watch helplessly the 1979 accident of the tanker Independence. Prey to a devastating fire after colliding with another ship, the Independence went up in flames (it took 27 days to put out the fire) with its 94,600 tons of oil aboard. The victims were 43. On the other hand, the new channel would be a way to bypass the Treaty of Montreux of 1936 which requires the free passage through the Bosporus. The fact is that ships pass every day from the Black Sea to the Aegean could move from the current 27 days to double. But the project, which would cost at least $ 10 billion, has already been branded by the Financial Times as a "crazy".

As for cargo, to tow the resumption of trade through the Suez Canal are mainly, according to the owner Ignazio Messina, exports to the Red Sea, Saudi Arabia, Gulf Countries, East Africa, besides of course the Far East . Countries where the crisis has weighed less than in Europe and America. "The amount of traffic - explains the owner of Genoa - in fact, has returned to pre-crisis levels, but not the revenues for us owners, alas." A weighed on the balance sheets are mainly freight levels, also very low because of the race of the big companies to acquire increasingly larger ships, to take advantage of economies of scale. Doing so, however, increases the supply in constant demand and, therefore, the prices at which you rent the spaces on the ship - chartering, in fact - fall: now the levels are about 40% lower than in 2008. "It's a dog chasing his tail - says Messina - to which you add the fact that, however, prices paid to cross the canal were those of the pre-crisis levels." On average, the company pays for crossing the Messina 250000-300000 U.S. dollars, equal to 15-20% of total costs.

Samuele Cafasso

source: www.shippingonline.it

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Egypt's Suez Canal Oct revenue $447.9 mln
Nov 14, 2011

CAIRO (Reuters) - Revenue from Egypt's Suez Canal rose 4.8 percent on a year earlier to $447.9 million in October, up 2.2 percent from a month earlier, a government portal showed on Tuesday.

The canal's revenues in October 2010 were $427.3 million. Revenues in September 2011 were $438.3 million.

The waterway is a vital source of foreign currency in Egypt, along with tourism, oil and gas exports and remittances from Egyptians living abroad.

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Egypt's Suez Canal revenue up 7 pct in year to Jan
Thu, Feb 9, 2012

CAIRO (Reuters) - Revenue from Egypt's Suez Canal rose 7 percent in the year to January, the Egyptian Information Portal website showed on Thursday.

Revenue rose to $445.8 million in January from $416.6 million in January 2011, the website said. Revenue in December 2011 was $443.7 million.

The waterway is a vital source of foreign currency in Egypt, along with tourism, oil and gas exports and remittances from Egyptians living abroad.

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Egypt's Suez Canal August revenue increases to $446.6m
Income from vital waterway is up 3 per cent on the month before, state

Revenue from Egypt's Suez Canal rose 3 per cent to $446.6 million in August compared to the previous month, a state information portal showed on Monday.

Revenue in July was $433.1 million. In August 2011 it was $472.9 million.

The waterway is a vital source of foreign currency in Egypt, along with tourism, oil and gas exports and remittances from Egyptians living abroad.

http://english.ahram.org.eg/NewsCont...ases-to-m.aspx

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Egypt's Suez Canal revenue rises to $443.1 mln in Oct
Sat, Nov 10, 2012

CAIRO (Reuters) - Revenue from Egypt's Suez Canal rose 1.8 percent to $443.1 million in October compared to the previous month, the canal's official website said on Saturday.

Revenue in September was $435.3 million. In October 2011 it was $447.9 million.

The waterway is one of the country's main sources of foreign currency, alongside tourism, oil and gas exports and remittances from Egyptians living abroad.