Suez Canal's revenues jump 35% in Q1-23

Reuters

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

Staff Writer, Mubasher

April 13, 2023

PHOTO

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.

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.