Suez Canal revenues surge by 35% in Q1 2023, reports Egyptian Presidency

Egyptian President Abdel Fattah al-Sisi convened a meeting today with Prime Minister Mostafa Madbouly, Lt. Gen. Osama Rabie, Chairman of the Suez Canal Authority, Brig. Gen. Amir Sayed Ahmed, Presidential Advisor for Urban Planning, and Mostafa El-Digheishi, Chairman of the Board of Directors of the Red Sea Ports Authority.

According to Presidential spokesperson Ahmed Fahmi, the President was briefed on the latest developments in navigation movement in the Suez Canal during the first quarter of this year.

The data presented revealed a notable 20% increase in the number of ships passing through the canal compared to the same period last year, generating an estimated $2.3 billion in revenue, representing a 35% increase from last year. The canal also achieved its highest daily crossing rate in history on March 13, with 107 ships carrying a total of 6.3 million tons.

During the meeting, Lt. Gen. Osama Rabie presented development projects for the navigational route of the Suez Canal, as well as efforts of the Authority to modernize its fleet of tugs and dredgers to better serve its pivotal role in ensuring the safety and assistance of passing ships.

In response, President al-Sisi directed the continuation of the strategy to develop the Suez Canal and its navigational course, as well as all associated infrastructure, to ensure its continued global recognition for its efficiency and capabilities as a key player in international navigation and trade.