Suez Canal sees record revenues in April

by The Associated Press (APR)

Egypt’s Suez Canal said Sunday its monthly revenues hit an all-time record, raking in US$629 million in April.

The unprecedented income came as the Suez Canal in March increased transit fees for ships passing through the waterway.

Adm. Ossama Rabei, head of the Suez Canal Authority, said in a statement that 1,929 vessels sailed through the Suez Canal last month, compared to 1,814 in April 2021.

He said the revenues rose by 13.9 percent compared to April last year when the crucial waterway received $553.6 million.

About 10 percent of global trade, including seven percent of the world’s oil, flows through the Suez Canal, which connects the Mediterranean and Red seas.

The canal, which first opened in 1869, is a major source of foreign currency to Egypt.

The annual revenues of the canal reached $6.3 billion in 2021, the highest in its history. The Canal said 20,649 vessels passed through the waterway last year, a 10 percent increase compared to 18,830 vessels in 2020.

The shipping industry is still under pressure from the coronavirus pandemic and Russia’s war on Ukraine has already added to global economic concerns.