Suez Canal chief says April revenues hit all-time record

✔ Fact Checked by TDPel News Desk

By Samantha Allen

Published: May 1, 2022 | 1:50 PM

Egypt’s Suez Canal said Sunday its monthly revenues hit an all-time record, raking in $629 million in April.

The unprecedented income came as the Suez Canal in March increased transit fees for ships passing through the waterway, The Associated Press (AP) reported.

Adm. Ossama Rabei, head of the Suez Canal Authority, said in a statement that 1,929 vessels sailed through the Suez Canal last month, compared to 1,814 in April 2021.

He said the revenues rose by 13.9% compared to April last year when the crucial waterway received $553.6 million.

About 10% of global trade, including 7% of the world’s oil, flows through the Suez Canal, which connects the Mediterranean and Red seas.

The canal, which first opened in 1869, is a major source of foreign currency to Egypt.

The annual revenues of the canal reached $6.3 billion in 2021, the highest in its history. The Canal said 20,649 vessels passed through the waterway last year, a 10% increase compared to 18,830 vessels in 2020.

The shipping industry is still under pressure from the coronavirus pandemic and Russia’s war on Ukraine has already added to global economic concerns.

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About Samantha Allen

Samantha Allen is a seasoned journalist and senior correspondent at TDPel Media, specializing in the intersection of maternal health, clinical wellness, and public policy. With a background in investigative reporting and a passion for data-driven storytelling, Samantha has become a trusted voice for expectant mothers and healthcare advocates worldwide. Her work focuses on translating complex medical research into actionable insights, covering everything from prenatal fitness and neonatal care to the socioeconomic impacts of healthcare legislation. At TDPel Media, Samantha leads the agency's health analytics desk, ensuring that every report is grounded in accuracy, empathy, and scientific integrity. When she isn't in the newsroom, she is an advocate for community-led wellness initiatives and an avid explorer of California’s coastal trails.