Egypt’s Suez Canal revenues dip to $5.61bln in 2020- canal authority

Egypt’s Suez Canal revenues dip to $5.61bln in 2020- canal authority

Egypt's Suez Canal revenues dip to $5.61bln in 2020- canal authority The head of the canal's authority said transit fees for all types of ships passing through the canal would remain unchanged in 2021    Image used for illustrative purpose. Trucks are seen parked at the main gate of the El Ain El Sokhna port, after passing the Suez Canal, near Suez city, Egypt August 14, 2016. CAIRO - Egypt's revenues from the Suez Canal in 2020 declined 3% to $5.61 billion compared to 2019, the canal authority said in a statement on Sunday.Transit fees for all types of ships would remain unchanged in 2021 and would include reductions and incentives offered in 2020, Canal Authority Chairman Osama Rabie said.Rabie said their marketing policies had helped to protect much of the canal's shipping volumes and revenues against the global economic slowdown caused by the coronavirus pandemic.The canal is the fastest shipping route between Europe and Asia and one of the Egyptian government's main sources of foreign currency.(Reporting by Yousri Mohamed and Momen Saeed Atallah Writing by Aidan Lewis Editing by Raissa Kasolowsky) (([email protected]; +20-1001174410;))Zawya CoveragemarketsReview: COVID-19, low oil price dragged most GCC indices into red in 2020kuwaitChairman of Kuwait's Al