September 26 2022 7:02 AM E-paper Subscribe Sign in My Account Sign out

Suez Canal records highest ever annual revenue of $7b

Suez
(Photo: AFP)

CAIRO — Egypt’s Suez Canal Authority announced Monday an all-time revenue record, earning $7 billion during the last fiscal year following a series of toll hikes for vessels transiting the vital waterway.اضافة اعلان

Between July 2021 and June 2022 — Egypt’s fiscal year — some 1.32 billion tons of cargo were shipped through the canal, Suez Canal Authority (SCA) chief Osama Rabie said.

The income is over a fifth higher than the previous fiscal year’s $5.8 billion in transit fees, and the highest figure ever recorded.

“Global crises have proven the importance of the Suez Canal to ensuring the sustainability of global supply chains,” Rabie said Monday.

Connecting the Red Sea and the Mediterranean, the canal accounts for roughly 10 percent of global maritime trade.

It is also a source of much-needed foreign currency for Egypt, which is battling crippling inflation and a currency devaluation triggered by Russia’s invasion of Ukraine.

The SCA has hiked passage tolls for transiting vessels, including fuel tankers, twice this year.

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