CAIRO: Revenue from Egypt's Suez Canal grew in the third quarter of 2010/2011 (January-March 2011). The number of ships crossing the canal increased to 4,259 from 154 the previous year, according to a report issued by the Ministry of Planning. The report said this growth led to an increase in the tonnage of ships and the Canal's revenues. The tonnage picked up 217.9 million tons, while the revenues went up U.S. $1.2 billion to increase by 25.2 million tons and $100 billion respectively. Over the first three quarters of 2010/2011, the Canal's movement, tonnage, and revenues, grew by 5 percent, 15 percent and 10 percent respectively. This increase indicates that the canal has bypassed the world trade and navigation crisis in 2008/2009. It is notable that the canal's revenues were not negatively influenced by Egypt's January 25 Revolution. Navigation through the canal continued in spite of the Suez Canal Authority workers' demonstrations. The report added that the authority continued its activities of development and investment to cost EGP 96 million through the third quarter of this year. Meanwhile, investment costs have reached EGP 347 million over the first three quarters of this year. However the third quarter has witnessed a decline in canal investments by 37 percent in 2010/2011, comparing to the percentage of last year. The report said also that most of the canal's investments were used for the project of changing the navigation road of the Suez Canal, as this ratio exceeded 53 percent during the third quarter.
