Suez Canal posted twenty percent increase in revenue in the first quarter of 2022 despite the Russian-Ukraine war disturbing the global supply chain.
The Suez Canal Authority recorded $1.7 billion revenue in the first quarter up from $1.4 billion a year earlier.
“The navigation statistics in the canal during the first quarter of 2022 recorded a remarkable increase in the number and tonnage of ships transiting the canal, and it has not been affected by the repercussions of the Ukrainian-Russian crisis so far,” Osama Rabie, chief of the authority, said.
The number of ships transiting the canal from January to March this year increased by 15.8 percent, to reach 5,303 ships, up from 4,581 ships during the same period last year.
The net tonnage passing through the canal rose by 7.4 percent, recording 313.3 million tons, compared to 292 million tons during the past year.