Suez Canal Revenues Jump 40% to $2.079 Billion in Q1 of 2023

The transit movement in the Suez Canal achieved revenues amounting to $2.079 billion during the first quarter of 2023, according to Lieutenant General Osama Rabie, head of the Suez Canal Authority.

The revenues of the Suez Canal witnessed a remarkable increase by 40% in the Q1 of 2023 compared to the revenues of the preceding year, with a difference of $600 million, as the previous year amounted to $1.48 billion.

This came during the ceremony of raising the Egyptian flag on the locomotive "Amin Zaid", and the revenues achieved by the Suez Canal during this March are new and unprecedented records in terms of daily transit statistics.

This March, the Suez Canal achieved the highest daily transit rate in the history of the canal, as 107 ships crossed from both directions without waiting, with a total net tonnage of 6.3 million tons.

The SCA implemented its decisions regarding the fees for ships crossing the canal, which is to increase the transit fees for all types of ships transiting the canal by 15% during the year 2023, while the transit fees for both dry bulk vessels and cruise ships increased by 10% in early January.

On his part, Rabie confirmed that the strategic planning had a great impact in reducing the negative effects of various global economic challenges, and even achieving an unprecedented boom in the rates of navigation in the Canal.

In this regard, he referred to the increasing numbers and tonnages of ships and the proceeds of revenues achieved since the beginning of this year from January until now, with the crossing of 5,534 ships compared to the crossing of 4,660 ships during the same period last year.

He continued that the rate of increase in revenues achieved from the numbers and tonnages of the canal amounted to 19%, while the net tonnages transiting the canal during that period increased by 16%, by 320 million tons, compared to 275 million tons during the same period last year.