According to officials, Egypt’s Suez Canal will generate a record-breaking $7.9 billion in income in 2022.
“The earnings for 2022 are the largest in the SCA’s history,” Suez Canal Authority (SCA) Chairman Osama Rabie told parliament.
According to the Xinhua news agency, revenue for 2021 will be $6.333 billion.
According to him, more than 23,000 ships carrying 1.4 billion tonnes of cargo went through the navigation route in 2022, up from 21,700 ships the previous year.
Former SCA vice chairman Wael Qaddour attributed the record earnings to increasing demand for oil, citing the canal’s importance in marine energy transfer.
Qaddour predicted that revenues would continue to rise in the future years, since transit rates will be raised by 10-15% beginning in January 2023.
The Suez Canal is a major source of national income and foreign currency reserves for Egypt.
Approximately 12% of global commerce volume goes via the man-made canal, which is regarded as the most significant and quickest navigation route connecting Africa, Asia, and Europe by spanning the Red Sea and the Mediterranean Sea.