Suez Canal Revenue Expected To Reach $7 Billion

This number increased by more than 1.5 billion USD compared to the same period last year. This was announced by Egyptian Finance Minister Mohamed Maait on Saturday (May 21). Mr. Mohamed Maait affirmed that this result is an attempt to implement a diversified stimulus package to meet the requirements of economic recovery as a result of the current global crises.

Previously, Egypt’s Suez Canal Authority announced its highest monthly revenue in history, reaching $629 million in April. Statistics for the first quarter of 2022 have recorded a significant increase in the number and tonnage of vessels passing through the canal.

Revenue of the Suez Canal reached 7 billion USD. (Photo: AFP)

This shows that the Suez channel is less affected by the consequences of crises. The Suez Canal is the fastest shipping route between Europe and Asia and one of the main sources of foreign currency for the Egyptian government.

Earlier, Egypt’s Suez Canal Authority temporarily raised additional transit fees for certain types of ships, including ships carrying crude oil and petroleum derivatives, by 15 percent compared to at the previous 5% rate as of May 1.

The decision also imposes additional fees on empty tankers at the rate of 5% of normal shipping. The additional charge applied to ships carrying liquefied petroleum gas, ships carrying chemicals and other liquid materials has increased to 20% from the previous 10%. Increase the additional charge applied to dry cargo ships to 10% of the normal shipping fee.

Jade Stone