Egypt’s Suez Canal revenue hits $7 billion record peak

CAIRO (Reuters) – Egypt’s Suez Canal income hit a document excessive of $7 billion within the monetary yr to June 30, up 20.7% from the earlier yr, Canal Authority Chairman Osama Rabea mentioned on Monday.

An announcement from the authority attributed the rise to a rise in vessel numbers and cargoes, with complete cargoes reaching a document excessive of 1.32 million tonnes, up 10.9% from 2020/21.

The variety of vessels transiting the canal rose 15.7% to 22,032.

The canal is the quickest delivery route between Europe and Asia and one of many Egyptian authorities’s most important sources of overseas forex.

A 2015 growth of the canal led to a restricted rise in income and an extra growth is because of be accomplished in 2023.

The second growth was introduced after the Ever Given cargo ship was grounded within the canal for six days in March final yr, disrupting world commerce.

(Reporting by Mahmoud Salama; Modifying by David Goodman)