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Suez Canal revenues rise 6.8% year-on-year in October

Tuesday 04 December 2018 11:22 AM

suez canal
suez canal

December 3, 2018 – Suez Canal revenues rose to $506.1 million (€445.9 million) in October from $473.9 million (€417.5 million) in October 2017, an increase of about 6.8%.

The Suez Canal, which is 192 kilometres long, shortens the journey between Asia and Europe by about 15 days on average.

The Suez Canal Authority expects revenues from ships to reach $13.2 billion (€11.6 billion) annually by 2023, after the completion of its expansion project.

The International Monetary Fund (IMF) cut its forecast for Suez Canal revenues in the next fiscal year to $5.7 billion (€5 billion) during its second review report on the Egyptian economy earlier in 2018.