May 16, 2023
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Egypt’s Suez Canal Authority announced on Sunday that its monthly revenues had touched an all-time record of $629 million in April. The unforeseen income was received in March the Suez Canal increased transit fees for vessels passing via the waterway.
Adm. Ossama Rabei, the Suez Canal Authority head, mentioned in a statement that 1,929 vessels had passed via through the Suez Canal over last month compared to 1,814 in April last year.
He added that the revenue had increased by 13.9% compared to what was observed in April 2021 when the waterway had received $553.6 million.
About 10% of global trade, which includes 7% of the world’s oil, passes via the Suez Canal. The canal first opened in 1869. It has since then, been a major source of foreign currency for Egypt.
In 2021, the annual revenue of the canal has touched $6.3 billion, the highest in its history. The Canal has said 20,649 vessels passed through the waterway last year, a 10% increase compared to the 18,830 vessels recorded during 2020.
The shipping industry continues to be under pressure from the ongoing COVID-19 pandemic and Russia’s war on Ukraine has added to the worldwide economic concerns.
Reference: business-standard.com
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