Egypt's Suez Canal Revenue Hits Record High of $7B
Egypt's Suez Canal revenue hit a record high of $7 billion in the financial year to June 30, up 20.7% from the previous year, Canal Authority Chairman Osama Rabea said on Monday.A statement from the authority attributed the rise to an increase in vessel numbers and cargoes, with total cargoes reaching a record high of 1.32 million tonnes, up 10.9% from 2020/21.The number of vessels transiting the canal rose 15.7% to 22,032.The canal is the fastest shipping route between Europe and Asia and one o
U.S. to Reward Tips on Illicit Cargos in the Middle East
The U.S. Navy will for the first time reward individuals for providing information that leads to the seizure of illicit cargos such as illegal weapons or narcotics in waters across the Middle East, it said on Tuesday.The U.S. Naval Forces Central Command (NAVCENT), which is headquartered in Bahrain and covers strategic waterways such as the Suez Canal and Strait of Hormuz, said the rewards could be in cash or items such as boats."NAVCENT could potentially reward a maximum $100…
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