Suez Canal Reports Record Revenues of $9.4B, Citing Ukraine War, Development Projects
Egypt’s Suez Canal has made record revenues of some $9.4 billion in the current financial year, the Suez Canal Authority chairman, Osama Rabea, announced on Wednesday.
Revenues in the current financial year, which ends June 30, have risen 34.3% from the $7 billion in the previous financial year.
“For the first time in the canal’s history, the authority has achieved revenues of about $9.4 billion,” Rabea told reporters at a press conference.
He said 25,887 ships had passed through the canal so far this financial year, compared with 23,800 the previous year.
Rabie said that among the factors contributing to the canal’s revenue increase are the ongoing war in Ukraine as well as various development projects by the Suez Canal Authority.
The 154-year-old, 193-kilometer (120-mile) waterway, one of the major sources of income for Egypt, underwent a major extension project between 2014 and 2016 and has broken several records in recent months.
In January this year, revenues for a single month hit the record sum of $802 million. On March 13, the amount of traffic in the canal hit a record for a single day, with 107 ships carrying 6.3 million tons of cargo passing through. First-quarter revenues for 2023 were a record $2.3 billion, 35% more than for the same period in 2022.
