The Suez Canal achieved the highest monthly revenues in its history at $704 million in July thanks to the huge increase in the number of oil tankers.
The Suez Canal is the shortest shipping route between Europe and Asia, and its revenues are some of Egypt’s main sources of hard currency.
The head of the Suez Canal Authority, Lieutenant-General Osama Rabie, announced today, Tuesday, that the navigation statistics in the canal during the month of July 2022 registered new records, achieving the highest monthly transit rate in the history of the canal, and the highest monthly net tonnage in its history.
This was reflected in the channel’s increase in revenues, recording the highest monthly revenue in its history with $704 million.
He explained that the navigation movement in the canal witnessed during July 2022, the crossing of 2103 ships from both directions, compared to the crossing of 1670 ships during July of last year, a difference of 433 ships, and an increase of 25.9 percent. Total net tonnages reached 125.1 million tons, compared to 105.8 million tons in July of last year, with a difference of 19.3 million tons, an increase of 18.2 percent.
He added that the revenues of the Suez Canal during July recorded $704 million, compared to $531.8 million in July of last year, a difference of $172.2 million, an increase of 32.4 percent.
The head of the authority pointed out what the navigational reports monitored during the month of July 2022 showed a significant boom in the transit rates of various types of ships compared to the same month last year, where the number of oil tankers increased by 60.2% to achieve the highest monthly revenue for oil tankers ever, amounting to $153 million.
The number of liquefied natural gas tankers increased by 31%, achieving the highest monthly revenue for LNG tankers in the history of the canal, amounting to $52 million, while bulk ships increased by 21%, achieving the highest monthly revenue for these ships in the history of the canal, amounting to $121 million. Container ships transiting the canal increased by 8.8%, achieving the second highest monthly revenues of $314 million.
It is worth noting that the navigation statistics during the month of July recorded the highest daily revenue in the history of the canal, and the second highest daily net tonnage in its history. On that day, 85 ships crossed the Suez Canal from both directions, with a total daily net tonnage of 5.6 million tons, achieving the highest daily revenue in the history of the canal at $31.8 million.