Cairo – Egypt’s Suez Canal posted a 35% year-on-year (YoY) hike in revenue to $2.30 billion during the first quarter (Q1) of 2023, according to the navigation traffic report reviewed by Abdel Fattah El-Sisi, President of Egypt.

The number of vessels passing through the canal increased by nearly 20% YoY during the first three months (3M) of 2023.

Meanwhile, the Suez Canal witnessed the highest daily crossing rate in its history on 13 March 2023, with 107 ships and a tonnage of 6.30 million tonnes.

The announcement came during a meeting held by El-Sisi, Mustafa Madbouly, Egypt's Prime Minister, and Osama Rabie, Chairman of the Suez Canal Authority (SCA).

Last January, Rabie expected that the revenues of the Suez Canal will hit $8.70 billion in 2023.

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