Business & Technology

Suez Canal Sees Record-High Revenues in April 2022

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Suez Canal Sees Record-High Revenues in April 2022

A ship crossing the New Suez Canal
Photo via Reuters

Egypt’s Suez Canal recorded its highest monthly revenue in April 2022, reaping USD 629 million, with 1,929 ships passing through the canal, Reuters reports.

According to Osama Rabie, Head of the Suez Canal Authority (SCA), there was a 6.3 percent rise in the number of ships, in comparison with the previous year, in addition to 13.6 percent higher monthly revenue than April 2021.

The number of oil tankers, liquefied natural gas tankers, and container carriers increased respectively by 25.8 percent, 12 percent and 9 percent in April versus a year ago.

In an interview with Al Mehwar TV, Rabie highlighted that, although the Russia-Ukraine conflict did have multiple repercussions, its positive impact outweighed its negatives because the increase in oil and gas shipments from the Gulf to Europe outbalanced the decrease in traffic from Russia and Ukraine through the Suez Canal.

As one of the world’s most important waterways, the Suez Canal, which originally opened in 1869, accounts for 10 percent of global maritime trade. The Suez Canal links the Mediterranean with the Red Sea.

Inaugurated in 2015 by President Abdelfattah Al Sisi, the 72 km new Suez Canal, commonly known as the Suez Canal expansion, creates a shortcut for ships traveling between Europe and Asia, and minimizes waiting time for transiting ships. The expansion is expected to “increase Suez Canal revenues to USD 13.226 billion in 2023”.

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A journalism graduate from the American University in Dubai who is curious, spontaneous, and often rebellious, Marina is a passionate Cairo-based journalist who aspires to become one of the most influential women in the Middle East. She likes to follow her heart and express that through words; her favorite form of expression.

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