Suez Canal Registers $1.7 Billion In Revenue For Q1 2022

The Suez Canal Authority (SCA) mentioned on Saturday that the canal recorded revenues of $1.69 billion in 2022’s first quarter was up from $1.4 billion observed during the same period in 2021. Osama Rabie, SCA’s head, mentioned that figures reflect a “remarkable” increase in the number of transiting vessels during Q1 of 2022, with a 15.8% YoY increase, reaching 5,303 vessels compared to 4,581 vessels noted during the same period in 2021.

He also said that during Q1 of 2022, the tonnage received by the Suez Canal had gone up to 7.4%, with the net tonnage touching 313.3 million tons, compared to 291.7 million tons observed during the same period in 2021.

The number of cruise vessels passing via the canal has doubled in three months compared to what was observed during the same period in 2021, while general cargo vessels and tankers rose 18.1% and 6.5% respectively.

suez canal
Representation Image

Per Rabie, the increase in the average number of vessels transiting the canal daily, over the last period highlighted the recovery of the maritime transport market and the exponential growth in the overall trade globally.

In the meantime, Egypt plans on issuing the first-ever sovereign Sukuk before the current fiscal year that comes to a close in June, Mohamed Maiit, the Finance Minister, mentioned on Saturday.

Maait mentioned that his nation wanted to access the Japanese market by providing new issues in the near future.

Reference: arabnews.com

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