Suez Canal revenues expected to reach $7.8 B by end of year: Chairman

CAIRO -16 November 2022: Lieutenant-General Osama Rabie, Chairman of the Suez Canal Authority (SCA), said on Wednesday that revenues of the Suez Canal are expected to reach $7.8 billion by the end of the year.

He added in televised statements that the number of ships that came from the south has raised more than last year’s numbers, especially since Europe is getting gas from the south instead of the north countries due to the Russian-Ukrainian war.

The navigation movement in the Suez Canal recorded, Monday new and unprecedented records in terms of daily transit statistics, achieving the highest daily transit rate, with 94 ships crossed from both directions without waiting, with a total net tonnage of 5 million tons, said Lieutenant-General Osama Rabie, head of the Suez Canal Authority.

The number of ships transiting the canal from the north direction is 53 ships with a net tonnage of 3 million tons, while 41 ships cross from the south direction in the new navigational course of the canal with a total net tonnage of 2 million tons.

Lieutenant-General Rabie emphasized that the growth witnessed by the daily transit rates in the Suez Canal reflects the strategic position that the canal enjoys in the navigational community as the fastest, shortest and safest navigational route. This resulted in an increase in the average daily transit of ships transiting the canal and raising its readiness to receive the current and future generations of giant ships with large submersibles.

Lieutenant-General Rabie stressed that the projects to develop the navigational course of the canal will remain the safety valve to maintain its leading position in the navigation community, stressing the acceleration of work to complete the implementation of the project to develop the southern sector of the canal according to the specified schedule, which will have a positive impact on increasing the navigational safety rates in this important sector increased by 28%, and the canal's capacity was increased by about 6 additional ships.

The head of the authority explained that the Suez Canal seeks, in light of its elements, environmentally friendly policies and practices, and integrated development strategies, to enhance its position to remain the most compatible shipping lane with the environment, in preparation for declaring the Suez Canal the "Green Canal" by 2030.