Fitch: Suez Canal cargo expected to hit 1.3 billion tons by 2026

Egypt's report for logistics and shipping services for the first quarter of this year expects the cargo tonnage of the Suez Canal to exceed 1.3 billion tons in 2026, over the medium term between 2022 and 2026, according to a report issued by Fitch Solutions.

The report indicated that the Suez Canal is expected to record steady growth, with cargo tonnage increasing at an average rate of 6.4% year on year, indicating the continued positivity of maritime freight in Egypt.

The “Fitch Solutions” index indicated that Egyptian shipping will witness a great boom due to growth supported by investment in the hydrocarbon sector, new manufacturing areas and LNG exports.

Port Said port is the largest container port in the country and benefits from its location at the entrance to the Suez Canal. The port sector in Egypt has also benefited from the importance of the Suez Canal as an essential link in the global supply chain.