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Suez Canal Records All-time Highest Monthly Revenue

Suez Canal Records All-time Highest Monthly Revenue

Wednesday, 3 August, 2022 - 10:00
One of the naval units of the Suez Canal Authority fleet (Canal Authority official website)

Egypt’s Suez Canal revenue reached $704 million in July, Canal Authority Chairman Osama Rabea said on Tuesday.

The figure represents a 32.4% increase from the same month last year, when the canal only recorded $531.8 million.

The canal is the fastest shipping route between Europe and Asia and one of the Egyptian government’s main sources of foreign currency.

Around 2,103 ships crossed the canal in July, up 433 ships from the same period last year.

Some 125.1 million tons of cargo were shipped through the canal as well, or an 18.2% increase from July 2021.

Navigation reports have also pointed out to a rise in the number of oil tankers by 60.2%, achieving the highest ever monthly revenues from oil tankers which is estimated at $153 million.

Also, transit of natural gas tankers recorded a 31% rise, the highest ever monthly revenue of Liquified Natural Gas (LNG) tankers with a total value of $52 million.

The number of bulk ships increased by 21%, achieving the highest monthly revenue for bulk ships in the history of the canal, amounting to $121 million.

Meanwhile, container ships transiting the canal increased by 8.8%, achieving the second highest monthly revenue from this type of ships with $314 million.

On 29 July, the canal achieved its highest ever daily revenue, recording $31.8 million, and the second highest daily net tonnage in its history, with 5.6 million tons, Rabea said.

Earlier this month, the Canal Authority had stated that the Suez Canal had recorded $7 billion in revenue for the fiscal year 2021/22, up 20.7% from a year earlier.

Egypt’s fiscal year runs from July 1 to June 30.

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