Egypt’s Suez Canal Earns Highest Monthly Revenue in Waterway’s History

The Suez Canal in Egypt earned $629 million in ship transit fees in April, the highest monthly revenue in the canal’s history. This is, in part, because the canal increased its fees for ships through the important waterway that links the Red and Mediterranean seas in March. Canal Authority Chairman Osama Rabie said in a statement that 1,929 vessels sailed through the Suez Canal in April. It was up by some 115 vessels the previous year; the revenue this April rose by 13.9% compared to the previous year. The ships carried cargoes weighing 114.5 million tons in total. About 10% of global trade travels through the Suez Canal and it is one of Egypt’s major sources of foreign currency.