Suez Canal records its highest monthly revenues in April at $629 million

Ahram Online , Sunday 1 May 2022

The Suez Canal recorded its highest monthly revenues in April at $629 million, setting a “new and unprecedented record through the canal,” Chairman of the Suez Canal Authority (SCA) Osama Rabie said in a statement on Sunday.

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This represents an increase of 13.6 percent compared to April last year, which saw the canal bring in revenues worth $553.6 million, Rabie said.

The canal also recorded this April its highest monthly net tonnage, which totalled 114.5 million tons, exceeding all its previously recorded figures, Rabie added. This is up by 3.9 percent from 110.2 million tons in the same month last year.

Throughout April, a total of 1,929 ships crossed the canal in both directions, up by 6.3 percent from 1,814 ships in April last year.

Also, the number of tankers and container ships transiting the canal this April increased by 25.8 percent and nine percent respectively compared to the same month last year.

The number of liquified natural gas tankers and ro-ro ships transiting the canal also increased by 12 percent and 6.6 percent respectively.

“This reflects the success of the SCA marketing and pricing policies in gaining the confidence of the shipping community, attracting new shipping lines, and flexibly dealing with the changes taking place in the maritime transport industry,” the statement said.

The SCA has increased transit dues by five to 10 percent for laden and ballast vessels transiting the Suez Canal since 1 March as per growth in global trade and improvements in the canal's transit services.

January-April statistics

The Suez Canal witnessed a significant rise in the number of transiting ships and tonnage in the period between January and April, the SCA chairman said.

During this period, the number of ships crossing the canal increased by 13.1 percent from the same period last year to reach 7,232 ships up from 6,395 ships.

Net tonnages transiting the canal during the January-April period rose by 6.5% to 427.0 million tons compared to 401.9 million tons in the same period last year.

Revenues during that period also increased to $2.3 billion from $2 billion during the same period last year, representing an increase of 18.4 percent.

“The head of the SCA noted that the current navigation indicators in the canal give a clear indication of the vital role that the Suez Canal plays to ensure the sustainability and stability of supply chains despite the current global challenges,” the statement said.

He affirmed that President Abdel-Fattah El-Sisi’s continued support to and periodic follow-up on the canal and the projects to develop it has effectively contributed to keeping the international waterway in line with global developments in the maritime transport industry.

The president’s support and follow-ups have also increased the canal’s ability to face various challenges and maintain its leading position as the main path of the global trade movement and a pillar that are indispensable to the international shipping community, Rabie added.

Around 12 percent of the world’s trade passes through the canal, which is one of the main foreign-currency earners for Egypt, yielding more than $5 billion in revenues annually.

In 2021, the canal recorded a historic $6.3 billion in annual revenues.

It also received in 2021 its largest annual net tonnage ever – 1.27 billion tons – according to official figures.

Work is under way to extend the two-way segment of the Suez Canal by 10 kilometres, a process that began in June. The two-way traffic segment will be extended from the current 72 to 82 kilometres, Rabie said in February.

The first phase of work includes availing an additional 10 kilometres to the two-way traffic sector of the canal in order to enable more ships to pass and increase traffic safety, Al-Arabiya quoted Rabie as saying during the presser.

The second phase aims to widen and deepen 30 kilometres of the canal by 40 metres.

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