In a statement released today, Monday, Lieutenant-General Osama Rabie, the head of the Egyptian Suez Canal Authority (SCA), said that the Canal’s revenues increased by 20.7 percent during the fiscal year (FY) 2022-2021 compared to the previous year. According to Rabie, the Canal’s revenues for the FY ending June 30 were the highest in its history, totaling $7 billion, up from $5.8 billion the previous FY.
In Egypt, the FY runs from July 1 through June 30 of the following year.
Rabie attributed this growth to the increased tonnage of transit ships throughout the course of the FY, noting that some 1.32 billion tons of cargo were shipped through the Canal, up 10.9 percent from 1.19 billion tons the year prior.
Rabie said that navigational reports during the FY 2022/2021 showed a significant increase in the number of ships transiting the canal, as 22,032 ships crossed the canal during that period compared to 19,047 ships transiting during the FY 2020/2021, an increase of 2,985 ships, equal to 15.7 percent.
The Canal’s revenues are expected to rise in the FY 2023-2022, following Egyptian President Abdel Fattah al-Sisi’s launching of a project to expand the canal. The program aims to shorten wait times, double the number of ships that use the canal, and increase the canal’s revenues to $13.5 billion by 2023.