Suez Canal $304 million in August income

The Suez Canal posted record earnings of $304 million in August, according to Ahmed Ali Fadel the chairman of the Suez Canal Authority.

August revenues were the highest in the Suez Canal history since it was built some 135 years ago, he added.

Fadel was speaking at a ceremony marking the 49th anniversary of the Egyptian pilots Day. He put at a total of 1.2 billion dollars the cost of an operation to deepen the major waterway to 66 feet.

"This stage will be completed by the end of 2006," he said. He explained that increasing the depth of the Suez Canal will allow it to handle bigger ships. "Oil tankers rank second on the clientele list of the Suez Canal, with container ships being in the lead," he told reporters.

Fadel's remarks were made in a celebration marking the 49th anniversary of operating the waterway by Egyptian pilots and experts instead of the foreigners who left their work.