Egypt's Suez Canal revenues fell 5.3% Y-o-Y and 4.1% M-o-M in January to USD412 million, data on the Suez Canal Authority's website showed on Monday. The waterway’s revenues have been on a consistent decline for more than a year driven by a combination of slower global trade, falling oil prices and a stronger USD (given that waterway’s revenues are originally recognised in Special Drawing Rights). We expect these three factors to continue dampening revenues for the canal over 2016 though base effects in 2H2016 may potentially result in a mere 1.4% Y-o-Y growth in revenue to USD5.2 billion. (Reuters, Mohamed Abu Basha)