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February Suez Canal earnings fall |
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26/03/2009 |
| Egypt’s Suez Canal revenues dipped by 26 per cent to $ 301.8 million last month, compared to $ 407.7 million a year ago, and down from $ 332.4 million in January, the Suez Canal Authority said.
The sixth straight decline has brought revenues to their lowest point since April 2007.
The canal is one of Egypt’s main foreign currency earners, along with tourism, oil and gas exports and remittances from Egyptians living abroad.
The number of vessels using the waterway was 1,272 last month, down from 1,676 in February 2008 and 1,313 in January.
In January, the authority kept its transit fees unchanged and its Chairman said that the number of ships and cargo going through the canal was expected to drop by 7 per cent this year if the global financial crisis continued to bite. |
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