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Suez Canal Revenues Register 20% Increase in 3 Months

Suez Canal Revenues Register 20% Increase in 3 Months

Sunday, 3 April, 2022 - 10:00
Container ship RDO Concord sails through the Suez Canal as Egypt celebrates the 150th anniversary of the canal opening in Ismailia, Egypt, November 17, 2019. (Reuters)

The Egyptian Suez Canal Authority (SCA) said on Saturday that the canal recorded revenues of $1.69 billion in the first quarter of 2022, up from $1.4 billion in the same period last year.

Osama Rabie, the head of the SCA, said that figures showed a “remarkable” rise in the number of transiting ships during the first quarter of 2022, with a 15.8 percent year-on-year increase, reaching 5,303 ships compared to 4,581 ships during the same period last year.

He added that during the first quarter of 2022, the total tonnage received by the canal increased 7.4 percent, with the net tonnage hitting 313.3 million tons, compared to 291.7 million tons during the same period in 2021.

The number of cruise ships traversing the canal has also doubled in the last three months compared to the same period last year, while general cargo ships and tankers increased 18.1 percent and 6.5 percent respectively.

According to Rabie, the rise in the average daily number of ships transiting the canal during the last period reflected the recovery of the maritime transport market and the remarkable growth in the global trade movement.

Meanwhile, Egypt plans to issue its first sovereign sukuk before the end of the current fiscal year ending in June, Finance Minister Mohamed Maiit said in a statement on Saturday.

Maait added that his country was seeking to access the Japanese market by offering new issues in the future.

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