Egypt’s Suez Canal records highest ever monthly revenue of $704 mln in July

Ahram Online , Tuesday 2 Aug 2022

Egypt’s Suez Canal recorded its highest ever monthly revenue in July, reaching $704 million, in addition to the highest monthly transit and highest net tonnage, according to a statement by Suez Canal Authority (SCA) Chairperson Osama Rabie on Tuesday.

Suez Canal
A tugboat pulls an ship along Egypt s Suez Canal, which has recorded all-time revenue record for the past fiscal year. AFP


The chairperson asserted this increase in revenue is up from $531.8 million during the same month in the previous fiscal year, an increase of $172.2 million or 32.4 percent.

In July 2022, 2,103 ships crossed the canal compared to 1,670 ships in July 2021 – an increase of 433 ships or 25.9 percent.

Furthermore, some 125.1 million tons of cargo were shipped through the canal, up from 105.8 million tons in July 202 – an increase of 18.2 percent.

On 29 July, the canal achieved its highest ever daily revenue, recording $31.8 million, and the second highest daily net tonnage in its history, with 5.6 million tons, Rabie said.

The head of the authority pointed out that this July also witnessed a significant jump in the transit rates of various types of ships compared to the same month last year.

The number of oil tankers increased by 60.2 percent, generating revenue of $153 million, the highest monthly revenue from oil tankers ever.

The number of liquified natural gas tankers increased by 31 percent, generating revenue of $52 million, also the highest monthly revenue from LNG tankers ever.

The number of bulk ships increased by 21 percent, achieving the highest monthly revenue for bulk ships in the history of the canal, amounting to $121 million.

Container ships transiting the canal increased by 8.8 percent, achieving the second highest monthly revenue from this type of ships with $314 million.

The Suez Canal – which connects the Mediterranean and the Red Seas – is the shortest maritime route between Asia and Europe and is the fastest crossing from the Atlantic Ocean to the Indian Ocean.

It is one of Egypt’s main sources of foreign currency. Around 12 percent of the world’s trade passes through the canal.


Search Keywords:
Short link: