$3.18 Billion

That is how much revenue the Suez Canal generated in tolls in the first half of 2016 from both container ships and bulk vessels hauling oil or other commodities, according to figures from the Egyptian government. That was actually up about 4% from 2015 - not bad in a period of weak container volumes and falling oil shipments - but not so good when considering the Canal Authority spent $4 billion last year to deepen the waterway, introducing two-way traffic in August 2015 and vastly increasing the Canal's capacity. It was hoping for a greater return on that investment. We were interested in that number on 1H toll fees, because we really had no idea what the Canal’s revenues were. But also interesting is that the Canal Authority confirms it is in talks with the world's biggest container shipping operators to receive payments for future tolls now - 3-5 years in advance - in exchange for something like a 3% discount in rates. Maersk Line, MSC, and CMA CGM are said to be involved in the talks. SCDigest says it would take more than a 3% discount for us to fork over all that cash now. The Canal is looking to lock up business in the face of thethreat from the expanded Panama Canal.