Suez Canal Revenues Jump 35% to $2.3 Billion in Q1 of 2023

Egyptian President Abdel Fattah El-Sisi reviewed on Tuesday the navigation traffic in the Suez Canal during the first quarter of this year.

Data showed an increase in the number of ships passing through the canal by about 20%, compared to the same period last year, and an increase in revenues to record about $2.3 billion, an increase of about 35% over last year, according to the page of the official spokesperson for the Presidency.

The canal also recorded the highest daily crossing rate in its history, on March 13, with 107 ships, with a tonnage of 6.3 million tons.

This came during a meeting held by President Sisi with Prime Minister Mustafa Madbouly, Osama Rabie, head of the Suez Canal Authority.

Osama Rabie presented  the Suez Canal authority’s efforts to modernize its marine fleet, including tugs and dredgers, in light of its pivotal role in securing the navigational course and assisting ships transiting the canal.

In this regard, the president directed to continue implementing the strategy for developing the canal, its navigational course and all its facilities and infrastructure.

The meeting also witnessed the presentation of the ongoing efforts to localize the manufacture of modern fishing ships and boats in Egypt, with the aim of increasing production from fishing in the Egyptian coasts and lakes.

The meeting also dealt with the path of activating yacht tourism, developing its ports, and providing it with the necessary services.