Suez Canal sets new monthly revenue record thanks to higher traffic in April

The Suez Canal shows signs it is rebounding from the COVID-19 pandemic.

The Suez Canal is the shortest sea link between Asia and Europe. /CGTN

The crucial shipping channel set a monthly revenue record in April, taking in 629 million U.S. dollars in ship transit fees. That’s 13.6 percent higher than in April 2021.  Canal Authority chairman Osama Rabie also says the total number of ships that passed through increased by 6.3 percent from last April to 1,929 vessels.

Also, the number of tankers and container ships transiting the canal this April increased by 25.8 percent and nine percent respectively compared to the same month last year.

“This reflects the success of the SCA marketing and pricing policies in gaining the confidence of the shipping community, attracting new shipping lines, and flexibly dealing with the changes taking place in the maritime transport industry,” chairman Rabie said in a statement.

Roughly 12 percent of global trade passes through the Suez. The canal generates about 5 billion U.S. dollars per year for Egypt.

Despite the issues associated with the pandemic and a cargo ship that ran aground and shut down canal traffic for several days in March 2021, the Suez Canal recorded a historic 6.3 billion U.S. dollars in annual revenues.

 

Story compiled with assistance from wire reports.