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The canal generated 5.61 billion USD in 2020 [0] so it is costing them 15 million dollars a day in lost revenue. Shipping companies now have to go around Afric
by mrep 6y ago
The canal generated 5.61 billion USD in 2020 [0] so it is costing them 15 million dollars a day in lost revenue. Shipping companies now have to go around Africa which costs uses more fuel and has other costs but now they don't have to pay the toll and I'm betting the spread between the toll price and the additional cost of going around Africa isn't very large or Egypt is leaving free money on the table.
[0]: https://en.wikipedia.org/wiki/Suez_Canal_Authority#:~:text=In%202020%2C%20the%20total%20revenue,billion%20passed%20through%20the%20canal https://en.wikipedia.org/wiki/Suez_Canal_Authority#:~:text=I...
- einpoklum 6y agoThat's lost revenue for Egypt - there is also the losses all along the supply lines for all the goods that aren't reaching their destination. Oh, and some of the goods may even be perishable, so they may be lost completely...