Suez Canal sees revenue boost as vessel traffic rises

A vessel passing through the Suez Canal. - Agency

CAIRO, Dec 8 (Xinhua/UNB) — The Suez Canal has recorded a notable rise in traffic and revenue since the start of Egypt’s current fiscal year in July, the Suez Canal Authority (SCA) said Monday.

SCA Chairman Osama Rabie told an IMF mission that 5,874 vessels transited the waterway since July 1, generating 1.97 billion U.S. dollars — a 17.5 percent year-on-year increase. Net tonnage grew 14.4 percent to 247.2 million tonnes, while total vessel numbers rose 5.2 percent.

Rabie said long-term indicators point to continued recovery, projecting revenues of 8 billion dollars in FY 2026/27 and 10 billion dollars in FY 2027/28.

Last month, he estimated revenues would reach 4.2 billion dollars in 2025, compared with 3.9 billion dollars in 2024 — still below the record 10.2 billion dollars in 2023, when regional tensions disrupted traffic.

Attacks by Yemen’s Houthi forces in the Red Sea and Gulf of Aden since late 2023 prompted many shipping lines to reroute around Africa, sharply reducing canal transits. Rabie noted that attacks have stopped since the Gaza ceasefire in October.