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Egypt’s Suez Canal revenues increase


Egypt’s Suez Canal revenues increase

Cairo, Mar 2 (Prensa Latina) Egypt's Suez Canal revenues totaled 545.5 million dollars in February, an increase of 15.1 percent year-on-year, an official Egyptian source said on Wednesday.

Suez Canal Authority (SCA) Chairman Osama Rabie said in a communique that during that month, 1,713 vessels crossed the canal in both directions, carrying 100 million net cargo tons.

March’s collection is expected to be higher because the SCA began collecting between five and 10 percent more taxes on Tuesday.

According to the new tariff, oil tankers and vessels transporting chemical products will have to pay an additional 10 percent, while those moving vehicles, liquefied gas, general and heavy cargo will have an increase of seven percent.

In 2021, the canal revenues reached more than 6.3 billion dollars, according to the SCA.

Built between 1859 and 1869, the 163-kilometer long Suez Canal is a man-made sea-level waterway, connecting the Mediterranean Sea to the Red Sea.


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