Egypt's Suez Canal Revenue Hits $7 Bln Record Peak| MENAFN.COM

Thursday, 18 August 2022 05:42 GMT

Egypt's Suez Canal Revenue Hits $7 Bln Record Peak


(MENAFN- Trend News Agency)

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, Trend reports citing Reuters .

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.

MENAFN04072022000187011040ID1104476559


Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.