Suez Canal revenues jump 23% to $657 million in May 2022

CAIRO - 2 June 2022: The Suez Canal achieved the highest monthly revenue in its history during May, marking an increase of 23 percent on a year on year basis, to reach $657 million, according to  head of the Suez Canal Authority, Osama Rabie.

 

Osama Rabie said in televised statements, Wednesday, that the current indicators of the navigation movement in the Canal give a clear indication of the vital role played by the Suez Canal to ensure the sustainability and stability of supply chains despite the current global challenges.

 

The head of the Suez Canal Authority, Rabie, explained that the positive effects of the Russian war in Ukraine on the Suez Canal are more than the negative, since gas and oil supplies to Europe from the Gulf pass through the Suez Canal.

 

It is worth mentioning that Osama Rabie, head of the Suez Canal Authority, announced in early May that the navigation statistics in the Canal during April had set new and unprecedented records throughout the history of the Canal.

 

Osama Rabie explained that the Canal achieved the highest monthly revenue in its history in April 2022, amounting to $629 million, and the largest monthly net tonnage with a total net tonnage of 114.5 million tons, exceeding all previously recorded numbers.

 

The revenues of the Suez Canal increased during April by 13.6 percent on an annual basis; compared to $553.6 million in April 2021.