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Egypt's Suez Canal Revenues Hit $6.3b in 2021 vs $5.6b in 2020

Ships are seen at the entrance of the Suez Canal, Egypt March 26, 2021. REUTERS/Mohamed Abd El Ghany/File Photo
Ships are seen at the entrance of the Suez Canal, Egypt March 26, 2021. REUTERS/Mohamed Abd El Ghany/File Photo
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Egypt's Suez Canal Revenues Hit $6.3b in 2021 vs $5.6b in 2020

Ships are seen at the entrance of the Suez Canal, Egypt March 26, 2021. REUTERS/Mohamed Abd El Ghany/File Photo
Ships are seen at the entrance of the Suez Canal, Egypt March 26, 2021. REUTERS/Mohamed Abd El Ghany/File Photo

Egypt's Suez Canal revenues hit an all-time high in 2021 of $6.3 billion, versus $5.6 billion in 2020, canal spokesperson George Safwat said on Sunday.

Some 20,694 ships transited the canal in 2021, against 18,830 in 2020, a 10% increase, he added.

Earlier in December, the Suez Canal Economic Zone signed a $2.6 billion contract to build a methanol plant at Egypt's Ain Sokhna port and industrial complex.

The project will be executed in two phases, with completion of the first by 2025 at an investment cost of about $1.6 billion.

The second phase, with an estimated cost of about $1 billion, is to be completed over a further three years.

Targeted production capacity for the first phase is one million tonnes of methanol and 400,000 tonnes of ammonia per year.

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Gold Steady as Focus Shifts to US Data for Economic Cues

Gold bullion displayed in a store in the German city of Pforzheim (dpa)
Gold bullion displayed in a store in the German city of Pforzheim (dpa)
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Gold Steady as Focus Shifts to US Data for Economic Cues

Gold bullion displayed in a store in the German city of Pforzheim (dpa)
Gold bullion displayed in a store in the German city of Pforzheim (dpa)

Gold prices were little changed on Monday, while investors awaited a slew of US economic data including the December nonfarm payrolls report for further guidance on the Federal Reserve's stance on interest rates.
Spot gold held its ground at $2,635.39 per ounce by 0510 GMT. US gold futures dropped 0.2% to $2,646.80.
How the US jobs data fares this week could hold the key to whether gold breaks out of its recent range, said Tim Waterer, chief market analyst at KCM Trade.
"There is a plethora of US data due for release this week (including ISM Services PMI data), and any downside misses could hurt the USD and help gold."
The US jobs report, due on Friday, is expected to provide more clues to the Fed's rate outlook after the US central bank rattled markets last month by reducing its projected cuts for 2025.
Investors are also awaiting ADP hiring and job openings data, as well as minutes of the Fed's last policy meeting for further direction.
Gold flourishes in a low-interest-rate environment and serves as a hedge against geopolitical uncertainties and inflation.
US President-elect Donald Trump is set to return to office on Jan. 20 and his proposed tariffs and protectionist policies are expected to fuel inflation.
This could prompt the Fed to go slow on rate cuts, limiting gold's upside. After three rate cuts in 2024, the Fed has projected only two reductions for 2025 due to persistent inflation.
The US central bank's benchmark policy rate should stay restrictive until it is more certain that inflation is returning to its 2% target, Richmond Federal Reserve President Thomas Barkin said on Friday.
Spot silver was down 0.2% at $29.57 per ounce, platinum dipped 0.7% to $931.30 and palladium fell 0.4% to $918.22.