The new record represents a 35 percent increase in revenues compared to the same period last year, added the SCA.

Moreover, traffic volume in the canal also increased by 20 percent in Q1 of this year compared to the volume in the same period last year.

The new figures were reported by the Chairman of the SCA Osama Rabie during a meeting today with President Abdel-Fattah El-Sisi and Prime Minister Mostafa Madbouly.

Rabie also briefed President El-Sisi on new plans to develop the navigational course of the canal as well as modernise its marine fleet, according to a statement released by the presidential spokesman Ahmed Fahmy.

During the meeting, the president instructed officials to develop all of the canal’s facilities and infrastructure in order to maintain its outstanding performance, Fahmy added.

Cruising

In recent months and years, the international waterway, which is one of the major sources of hard currency for Egypt, broke new grounds and also records.

On 13 March, traffic in the canal hit a record one-day transit rate, with 107 ships carrying 6.3 million tons crossing its course.

Since its major extension project was completed in 2015, canal revenues have increased by 17.8 percent compared to revenues in the period between 2008 and 2014.

In January 2023, canal revenues hit a record one-month revenues, bringing in $802 million.