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Egypt’s Suez Canal says its month-to-month revenues have hit an all-time file, raking in $629 million in April
CAIRO — Egypt’s Suez Canal mentioned Sunday its month-to-month revenues hit an all-time file, raking in $629 million in April.
The unprecedented earnings got here because the Suez Canal in March elevated transit charges for ships passing by means of the waterway.
Adm. Ossama Rabei, head of the Suez Canal Authority, mentioned in a press release that 1,929 vessels sailed by means of the Suez Canal final month, in comparison with 1,814 in April 2021.
He mentioned the revenues rose by 13.9% in comparison with April final 12 months when the essential waterway acquired $553.6 million.
About 10% of worldwide commerce, together with 7% of the world’s oil, flows by means of the Suez Canal, which connects the Mediterranean and Pink seas.
The canal, which first opened in 1869, is a serious supply of international foreign money to Egypt.
The annual revenues of the canal reached $6.3 billion in 2021, the best in its historical past. The Canal mentioned 20,649 vessels handed by means of the waterway final 12 months, a ten% enhance in comparison with 18,830 vessels in 2020.
The transport trade remains to be beneath stress from the coronavirus pandemic and Russia’s conflict on Ukraine has already added to international financial considerations.
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