Thursday, February 9, 2023

Egypt’s Suez Canal hits record high revenue of 8 bln USD in 2022

Egypt’s Suez Canal posted a record-high annual income of 8
billion U.S. {dollars} in 2022 from the passage and transit of 23,851
ships, the Suez Canal Authority (SCA) mentioned in a report on
Wednesday, Trend
stories citing Xinhua.

The variety of ships crossing the waterway elevated by 8 %
within the seven years following the completion of a canal growth
mission in 2015, with 135,000 ships crossing the canal in 2016-2022
in comparison with 125,000 ships in 2008-2014, it mentioned.

Both the canal’s income and the variety of passing ships grew in
latest years regardless of “the successive challenges” of the COVID-19
pandemic and the Russian-Ukrainian battle, in response to the
Egyptian authority working the waterway.

Linking the Mediterranean Sea with the Red Sea, the Suez Canal
was formally opened for worldwide navigation in 1869, serving
as a lifeline for international seaborne commerce. About 12 % of the
world’s commerce passes by means of the man-made canal.

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