Egypt’s Suez Canal recorded the biggest monthly revenues in its history, totaling $629 million, an increase of 13.6 percent year-on-year (YoY).Â
According to a statement released by the Suez Canal Authority, the Canal income climbed by 18.4 percent YoY from January to April this year, to $2.3 billion, up from $2 billion during the same period last year.
The Authority previously announced that it would raise transit fees for some ships as of May 1.
Moreover, the findings show that the number of ships passing through the canal climbed by 13.1 percent YoY from January to April of this year, with 7,232 ships passing through in the first four months of 2022, up from 6,395 during the same period last year.
Canal Authority head Osama Rabieh said that the Russia-Ukraine conflict weighed on the canal’s revenues in April, but that the “positive effects were more powerful than the negative.”
He says that the increase in oil and gas shipments from the Gulf to Europe has outweighed the decrease in traffic from Russia and Ukraine via the canal.
