Egypt Suez Canal revenues shrink by 57.2% in 1Q of 2024

Transit receipts from the canal fell by 57.2 percent to register $959.3 million, compared to $2.2 billion in the same quarter a year earlier, reported the CBE.

The CBE explained that the canal receipts dropped by 7.4 percent in the first nine months of the FY2023/2024 (July 2023-March 2024) to record $5.8 billion against $6.2 billion a year prior.

The statement reported a decline in the net tonnage by 15.6 percent to register 944.9 million tons and the number of transiting vessels by 11.5 percent.

The statement reported an 11.5 percent drop in the number of vessels transiting the canal and a 15.6 percent decline in the total net tonnage, which registered 944.9 million tons over the nine months.

“This decrease stemmed primarily from the Red Sea traffic disruptions, which forced several commercial shipping companies to divert their shipping routes," said the CBE.