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Suez Canal reports 10-year revenues at $50.9bn

Photo: Hapag-Lloyd A Hapag Lloyd vessel crosses the Suez Canal (Hapag Lloyd)[8].jpg
The Suez Canal Authority (SCA) has reported 10-year revenues of $50.9bn.

In the period 2013-22, the SCA saw a total of 186,900 vessels traversing the canal, for a total tonnage of 11.1 billion tonnes.

Suez Canal Authority (SCA) revenues jumped 35% in the first quarter of the year to $2.3bn.

The canal registered the highest revenues in its history at $7 billion during fiscal year 2021-22, its latest reported annual period, a statement carried by Egypt’s Mubasher News said on Sunday.

In January, SCA Chairman, Osama Rabie, said he expected the canal’s revenues to hit $8.7bn in 2023.

For the first quarter 13 March saw the highest daily canal transit figure in the waterway's history, when 107 ships, at a collective tonnage of 6.3m tonnes, made the crossing in both directions.

Following the Ever Given blockage incident on the canal in 2021, Egypt continues to be mindful of the need to bolster the towing power at its disposal and last week, Norway’s Kongsberg Maritime announced that it had won the design and equipment contract for two new 200 tonne-bollard pull tugs to be built at Alexandria Shipyard.