Suez Canal revenues record 20.3% growth during November 2023

CAIRO – 30 November 2023: In November 2023, the Suez Canal's revenues grew by 20.3 percent, reaching $854.7 million, surpassing the $710.3 million recorded in November 2022, according to a statement from Osama Rabie, the Chairman of the Suez Canal Authority (SCA).

The number of ships passing through the Canal during November 2023 also saw growth, totaling 2264, compared to 2171 in November 2022. This represents a 4.3 percent increase in ship traffic.

Furthermore, the net tonnage, a measure of the weight of cargo transported, experienced an 8.2 percent rise in November 2023, reaching 135.5 million tons, compared to 125.2 million tons in November 2022.

In October, the SCA announced impending changes to the crossing fees. Starting from mid-January 2024, there will be a 15 percent increase in regular crossing fees for specific vessel categories.

Additionally, bulk carriers, general cargo ships, and roll-on/roll-off (RoRo) ships will witness a 5 percent increase in regular crossing fees during the same period.

Regarding crude oil tankers, the SCA has implemented adjustments to the surcharges. Loaded crude oil tankers will wittiness a surcharge of 25 percent above the usual transit dues, while the surcharge for empty crude oil tankers has increased to 15 percent.

Earlier this year, Egypt had set a revenue target of $8.8 billion from ship transit fees in the Suez Canal for 2023. This projection represented a 10 percent increase compared to the previous year's revenues.