Suez Canal revenue surges to $904.5 million at end of April 2023

In comparison to the same month in 2022 when it totaled $630.5 million, the Suez Canal's revenue increased by almost $274 million at the end of last April, reaching $904.5 million.

Since the Suez Canal is often regarded as the quickest shipping route between Europe and Asia, the Authority's collection of tolls from different kinds of cargo and container ships serves as the country of Egypt's main source of hard currency.

The Authority's navigation data indicates that the larger volume of vessels using the river over the previous month is what caused the increase in income in April. 2,298 ships altogether passed through the canal, up from 1,929 ships during the same time last year.

Additionally, net tonnage climbed from 114.6 million tonnes to 133.3 million tonnes over the comparable period.

According to shipping sources, the spike in the amount of goods moving through the Suez Canal is a result of the increased amounts of petroleum, its products, and liquefied natural gas that have been transported through the waterway as a result of the sanctions put in place against Russia. By the end of the current fiscal year (2023/2022), they project that the Authority's overall revenues would amount $8.9 billion.

They explained that this increase in charges was made possible by the newly implemented tolls, which have been in place since January of last year, as well as the higher carrier fees for petroleum and its derivatives from the beginning of last April.