Suez Canal achieves highest monthly revenue in its history at $704M

CAIRO - 2 August 2022: The Suez Canal achieved the highest monthly revenue in its history with an annual increase of 32.4 percent, reaching $704 million during July 2022, up from $531.8 million during the same month of 2021, according to head of the Suez Canal Authority (SCA), Osama Rabie.

 

Rabie added in a statement, Tuesday, that the navigation statistics in the canal during the month of July 2022 recorded new records, achieving the highest monthly transit rate in the history of the canal, amounting to 2,103 ships, as well as achieving the highest monthly net tonnage in the history of the canal to record 125.1 million tons, which contributed to the increase in the canal's revenues during last July.

 

The head of the authority explained that the navigation movement in the canal during July 2022 witnessed the transit of 2103 ships from both directions compared to the crossing of 1670 ships during July 2021, a difference of 433 ships, marking an increase of 25.9 percent.

 

The total net tonnage increased 18.2 percent or 19.3 million tons, reaching 125.1 million tons compared to 105.8 million tons during July 2021.

 

The head of the authority pointed out what the navigational reports monitored a significant boom in the transit rates of various types of ships during July 2022 on an annual basis; where the number of oil tankers increased by 60.2 percent to achieve the highest monthly revenue of oil tankers ever, amounting to $153 million.

 

The number of LNG tankers also increased by 31 percent to achieve the highest monthly revenue for LNG tankers in the history of the canal, amounting to $52 million.

 

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

 

The transit rates of container ships transiting the canal increased by 8.8 percent, achieving the second highest monthly revenue of $314 million, according to the statement.

 

In July, Rabie announced that the Egyptian Suez Canal achieved its highest annual revenue in its history during the fiscal year 2021/2022 at $7 billion, compared to $5.8 billion in 2020/2021, marking an increase of 20.7 percent.

 

Rabie attributed the big leap in the revenues to the increase in the number and tonnage of ships transiting the canal during the fiscal year 2021/2022.