Suez Canal traffic at five-year low
Suez Canal traffic in January hit its lowest level in five years because of the global financial crisis and boats taking other routes to avoid piracy, a Canal Authority official said on Sunday. The number of boats passing through the narrow channel in January was 1,313 compared to 1,690 in January 2007, down 22 percent, the unnamed official said.
Revenues in the same month were down 19.5 percent from 414.2 million dollars in 2009 to 332.4 million in 2008.
The volume of trade passing through the canal also took a hit, dropping from 74 million tonnes in January 2008 to 57 million tonnes in January 2009, its lowest level in 30 months.
The Canal Authority opted at the start of the year against increasing its tolls in 2009 due to uncertainty in the shipping industry in the light of the piracy problem in the Gulf of Aden and the worldwide credit crunch.
Arms manufacturers in particular have rerouted their shipping round the Cape of Good Hope in recent months to avoid pirates preying on vessels en route between the Suez Canal and the Indian Ocean.
The canal is Egypt's third-largest source of revenue after tourism and remittances from expatriate workers.
The government last year raised more than 5 billion dollars in tolls from ships passing through the canal.
Revenues in the same month were down 19.5 percent from 414.2 million dollars in 2009 to 332.4 million in 2008.
The volume of trade passing through the canal also took a hit, dropping from 74 million tonnes in January 2008 to 57 million tonnes in January 2009, its lowest level in 30 months.
The Canal Authority opted at the start of the year against increasing its tolls in 2009 due to uncertainty in the shipping industry in the light of the piracy problem in the Gulf of Aden and the worldwide credit crunch.
Arms manufacturers in particular have rerouted their shipping round the Cape of Good Hope in recent months to avoid pirates preying on vessels en route between the Suez Canal and the Indian Ocean.
The canal is Egypt's third-largest source of revenue after tourism and remittances from expatriate workers.
The government last year raised more than 5 billion dollars in tolls from ships passing through the canal.