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Suez Canal setting new records, says Egypt in response to claims that maritime traffic is falling

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2 years ago

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  • Navigation movement in the canal during February 2022 reached a new high in terms of ship transit rates
  • A total of 1,713 ships crossed from both directions, with a net tonnage of 100.1 million tons

Claims that maritime traffic in the Suez Canal has fallen in the wake of Russia’s invasion of Ukraine have been rejected by the Egyptian government, which says the key trading link is setting new records.
The government’s media center said that it had contacted the Suez Canal Authority, which described the claims on social media as rumors.

Navigation movement in the canal during February 2022 reached a new high in terms of ship transit rates and net tonnages, the authority said.

“A total of 1,713 ships crossed from both directions, with a net tonnage of 100.1 million tons, compared with the transit of 1,532 ships during February last year, with a total net tonnage of 97.6 million tons,” the authority said.

It said that flexible marketing and pricing policies have encouraged new shipping lines to use the canal.

According to the government media center, the Suez Canal achieved record profits in 2021, with revenue totalling $6.3 billion, despite the effects of the pandemic on the global economy.

Performance rates in February this year are the highest for the month in the history of the canal, with revenue rising by 15.1 percent to $545.5 million, not including navigation services. This compares with $474.1 million for the same month last year.

Transit rates of various types of ships also rose compared with the same month last year, with bulk vessel numbers increasing by 29 percent, container ships by 11.8 percent and car carriers by 22.2 percent.

 

Source: AN

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Business

MIB signs an agreement to expedite business registration process

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3 hours ago

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04/05/2024

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Ministry of Economic Development and Trade and the Maldives Islamic Bank (MIB) has entered an agreement, aiming to expedite and streamline the registering services for businesses. The agreement was signed to enhance the quality of services, ensure information security, and facilitate an efficient registration process.

Following the signing of the agreement, Minister of Economic Development and Trade Mohamed Saeed disclosed that customer data can be readily verified with the assistance of the ministry’s Application Programming Interface (API). The minister stated that this would enable businesses to set up bank accounts in a convenient manner. Regarding this, Registrar of Companies Mariyam Waheed underscored the pivotal role API will play in authenticating businesses to customers and expediting in the verification process.

This initiative will significantly benefit individuals accessing online services from the ministry, fostering economic development within the nation. This marks the first agreement of its kind signed by the ministry.

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MTCC reports staggering 82.9% net profit drop

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3 days ago

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01/05/2024

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Maldives Transport and Contracting Company (MTCC) has reported a staggering 82.9% net profit decline for Q1-2024.

According to MTCC, it earned just MVR 5.2 million in net profit for the review quarter, which came down from MVR 30.8 million in the last quarter of 2023.

The company’s revenue for Q1-2024 stood at MVR 664.4 million, which is a 15.8% drop from MVR 789.2 million generated in the Q4-2023.

Moreover, MTCC reported a whopping 94.5% decline in its Gross Profit for the review quarter, registering MVR 2.5 million in Q1-2024 compared to MVR 44.3 million.

The operating profit for the review quarter stood at MVR 41.8 million, which is a 26% drop from MVR 56.5 million in Q3-2023.

The net asset value per share dropped from MVR 227.95 in Q4-2023 to MVR 226.98 to Q1-2024, while earnings per share saw a notable decline from MVR 3.83 in the preceding quarter to just MVR 0.65 in the review quarter.

Source(s): sun.mv

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STO opens showroom in Hulhumale’

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Published

1 week ago

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24/04/2024

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State Trading Organization (STO) has opened a showroom specialized for construction in Hulhumale’.

The showroom was inaugurated by Construction Minister Dr. Abdulla Muthalib during a special ceremony held on Tuesday night.

Speaking at the ceremony, STO’s Managing Director Shimad Ibrahim stressed the role of the company’s former managements and board members in carrying forward the company and therefore extended them gratitude.

Situated at the same location as STO’s Hulhumale’ shop – next to STO’s Smart Store near Hulhuamle’ Hospital – the construction solutions showroom was opened following renovations up to modern standards.

STO reports that all construction-related products sold by the company will be available at the showroom including some of the most renowned brands sold by the company; Makita tools, Nippon paint and concrete from prominent mix designing brands among others.

The state-owned company is prominent in the local construction industry as STO’s constructions solutions is the largest importer and seller of construction-related products in the Maldives.

STO noted that customers can now place orders for construction-related products including Makita tools and Nippon paint via the Hulhumale’ showroom which would eliminate the need to travel to Male’ to make the purchases. Arrangements have been made in the showroom to prepare the colors of Nippon paint ordered by the customers on demand.

Henceforth, they attributed the opening of the new showroom as something which would bring easements to the lives of Hulhumale’ residents and construction industry partners operating in the suburb.

Source(s): sun.mv

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