Suez Canal chief says April revenues hit all-time record

Suez Canal, Ships, Shipments
The crucial waterway raked in $629 million after transit fees for ships were increased in March. Photo: PA Images

Bosses of Egypt’s Suez Canal said on Sunday that its monthly revenues hit an all-time record in April, raking in $629 million (€596.4 million).

The unprecedented income came after transit fees for ships passing through the waterway were increased in March.

Admiral Ossama Rabei, head of the Suez Canal Authority, said in a statement that 1,929 vessels sailed through the Suez Canal last month, compared with 1,814 in April 2021.

He said revenues rose by 13.9 per cent compared with April last year when the crucial waterway received $553.6 million dollars.

About 10 per cent of global trade, including 7 per cent of the world’s oil, flows through the Suez Canal, which connects the Mediterranean and Red Seas.

The canal, which first opened in 1869, is a major source of foreign currency for Egypt.

The waterway’s annual revenues reached $6.3 billion in 2021, the highest in its history.

Officials said 20,649 vessels passed through the canal last year, a 10 per cent increase on 18,830 in 2020.

The shipping industry is still under pressure from the Covid-19 pandemic, and Russia’s war on Ukraine has added to global economic concerns.

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