Suez Canal revenue hits a record $704 million

Egypt’s Suez Canal revenue reached US$704 million in July, Canal Authority Chairman Osama Rabea said on Tuesday.

Rabea said that the Canal reached its highest monthly transit rate of 2,103 ships, as well as monthly net tonnage of 125.1 million tonnes.

The head of the authority pointed out that the navigational reports monitored a significant boom in the transit rates of various types of ships during July 2022 on an annual basis. Oil tanker numbers increased by 60.2 percent, generating $153 million, the highest monthly revenue for this segment. 

The number of LNG tankers also increased by 31 percent contributed the highest monthly revenue of $52 million.

The bulk ships increased by 21 percent, achieving the highest monthly revenue of $121 million.

The transit rates of container ships increased by 8.8 percent, achieving the second highest monthly revenue of $314 million, according to the statement.

In July, Rabie announced that the Egyptian Suez Canal achieved its highest annual revenue of $7 billion during 2021-2022, compared to $5.8 billion in 2020-2021, marking an increase of 20.7 percent. 

Rabie attributed the big leap in the revenues to the rise in the number and tonnage of ships transiting the canal during 2021/2022.

A major source of foreign exchange for the Egyptian government, the canal connects Europe and Asia in the fastest way.