Remarkable increase in oil transportation via Suez Canal

During the first half of this year the Suez Canal has witnessed a remarkable increase in oil transportation due to the increase of the Black Sea oil exports þfrom the north to the south, in addition to Russian increase of its exports through the North Sea and the war circumstances which drive many countries to store large amount of oil.

Oil Carriers are the main customers for the Suez Canal and they come in second in volume after the container Carriers.

The total number of the Oil Carriers that had crossed the Suez Canal during the first half of 2003 is 1348 carriers with a total weight of 59 million and 147 thousand tons while during the same period in 2002 the number of carriers was 1185 with a total weight of 44 million and 9,000 tons. The total number of the mixed carriers (carrying oil and goods) is 35 in 2003. This number was 32 in 2002.

Russia and Ukraine are developing their oil fields; therefore it is expected that the Black Sea oil shipment through the Suez Canal increase during the coming period.