Suez Canal revenues up by 20% during Q1 2022

CAIRO: Despite the impact of the Russia-Ukraine conflict on the global supply chain, revenues of Egypt’s Suez Canal increased by 20 percent in the first quarter of 2022, compared to the same period last year.

The Suez Canal Authority recorded $1.7 billion revenue in the first quarter up from $1.4 billion a year earlier. 

“The navigation statistics in the canal during the first quarter of 2022 recorded a remarkable increase in the number and tonnage of ships transiting the canal, and it has not been affected by the repercussions of the Ukrainian-Russian crisis so far,” Osama Rabie, chief of the authority, said. 

The number of ships transiting the canal from January to March this year increased by 15.8 percent, to reach 5,303 ships, up from 4,581 ships during the same period last year. 

The net tonnage passing through the canal rose by 7.4 percent, recording 313.3 million tons, compared to 292 million tons during the past year.