Suez Canal revenue hits highest record at $704 million in July 2022
The revenue from the Suez Canal for Egypt in July amounted to $704 million, according to the chairman of the Suez Canal Authority, Osama Rabea, on Tuesday. According to Rabea, the Canal has reached its highest transit rate of 2,103 vessels per month. It has also reached its highest net tonnage of 125.1 million tonnes per month.
In the financial year to June 30, Egypt’s Suez Canal revenue hit a record high of $7 billion, up 20.7% from the previous year. In a statement, the authority attributed the increase to an increase in vessel numbers and cargoes. This resulted in total cargoes reaching a record high of 1.32 million tonnes, up 10.9% from 2020/21.
A total of 22,032 vessels transited the canal, an increase of 15.7%. A major source of foreign currency for the Egyptian government, the canal is one of the fastest shipping routes between Europe and Asia. The canal’s expansion in 2015 resulted in a limited increase in revenue, and a further expansion is scheduled for completion in 2023. A second expansion was announced in March last year, aiming to boost global trade even further.