Suez Canal’s transit rate, revenues grow by 17.6%, 34.7% in FY2022/23 – Egypt Today

Suez Canal’s transit rate, revenues grow by 17.6%, 34.7% in FY2022/23 – Egypt Today

FILE - Cargo ship in Suez Canal

CAIRO – 16 October 2023: Chairman of the Suez Canal Authority Osama Rabie briefed Monday President Abdel Fatah al-Sisi on the performance of the international waterway in FY2022/2023.

 

The number of ships that crossed the Suez Canal rose by 17.6 percent, recording 26,000, compared to the previous fiscal year. As a result, the revenues jumped by 34.7 percent to hit $9.4 billion up from $7 billion. Rabie noted they are projected to reach $10.3 billion by the end of 2023.  

 

The meeting also tackled the development of the southern sector of the Suez Canal, as well as the authority's fleet of tugboats and dredgers. In that context, the president instructed the acceleration of the projects aimed at bolstering the waterway's competitiveness.