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Egypt's Suez Canal revenue hits $7 billion record peak

Economy Jul 04, 2022 19:01
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© Reuters. FILE PHOTO: A shipping container passes through the Suez Canal in Suez, Egypt February 15, 2022. Picture taken February 15, 2022. REUTERS/Mohamed Abd El Ghany

CAIRO (Reuters) - Egypt's Suez Canal revenue hit a record high of $7 billion in the financial year to June 30, up 20.7% from the previous year, Canal Authority Chairman Osama Rabea said on Monday.

A statement from the authority attributed the rise to an increase in vessel numbers and cargoes, with total cargoes reaching a record high of 1.32 million tonnes, up 10.9% from 2020/21.

The number of vessels transiting the canal rose 15.7% to 22,032.

The canal is the fastest shipping route between Europe and Asia and one of the Egyptian government's main sources of foreign currency.

A 2015 expansion of the canal led to a limited rise in revenue and a further expansion is due to be completed in 2023.

The second expansion was announced after the Ever Given cargo ship was grounded in the canal for six days in March last year, disrupting global trade.

Egypt's Suez Canal revenue hits $7 billion record peak
 

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Theophilus Iwuoha
Theophilus Iwuoha Jul 06, 2022 11:03
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JESUS is coming back very soon
 
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