Egypt’s Suez Canal said Authority Sunday its monthly revenues hit an unprecedented record, raking in $629 million in April.
The income boost came as the Suez Canal in March increased transit fees for ships passing through the waterway.
The head of the Suez Canal Authority, Osama Rabie said in a statement that 1,929 vessels sailed through the Suez Canal in April 2022, compared to 1,814 in April 2021.
He said the revenues rose by 13.9% compared to April last year when the crucial waterway received $553.6 million.
At least10% of global trade, including 7% of the world’s oil, flows through the Suez Canal, which connects the Mediterranean and Red seas.
The canal, which first opened in 1869, is a major source of foreign currency to Egypt.
The annual revenues of the canal reached $6.3 billion in 2021, the highest in its history. The Canal said 20,649 vessels passed through the waterway last year, a 10% increase compared to 18,830 vessels in 2020.
The shipping industry is still under pressure from the coronavirus pandemic and Russia’s war on Ukraine has already added to global economic concerns.
Rabie added that current indicators of the canal’s navigation movement give a clear view of the vital role the canal has in ensuring the sustainability and stability of supply chains even amidst current global challenges.