The man-made canal has already recorded record revenues in 2022. The further increase in its revenues expected this year will mainly come from the increase in vessel passage fees which came into effect on Sunday 1 January.
The Suez Canal Authority (SCA) announced on Monday January 9 that revenues from this waterway linking the Mediterranean to the Red Sea should reach $8.7 billion in 2023.
The SCA had announced last September a new increase in the rights of passage of ships from January 1, 2023. This increase amounts to 10% for dry bulk cargoes as well as cruise ships, and 15% for other types of ships.
The new pricing comes after two successive increases in rights of way in February and March 2022.
At the end of December last year, the SCA announced that more than 23,000 ships passed through the approximately 190 km long waterway in 2022. These flows generated $7.93 billion in revenue for Egypt, a record amount ever. achieved since the commissioning of this corridor, which handles 10% of international maritime trade.
Inaugurated in 1869, the Suez Canal is a valuable source of foreign currency for the Egyptian economy, which suffered the brunt of the repercussions of the war in Ukraine.