According to Suez Canal Authority (SCA) chairman and managing director, Osama Rabie the canal made $7.9 billion in revenue in 2022, up from $6.3 billion last year, Chinese state news agency Xinhua has reported.

PHOTO: Tugboat ahead of container ship passing through the Suez Canal, Egypt. Getty Images

Xinhua cites Rabie saying that over 23,000 ships carrying a total of 1.4 billion mt of cargo passed through the Suez Canal this year, up from 21,700 ships last year.

In September this year, the canal informed that a 15% fee hike would be implemented on most types of vessels passing through the Suez Canal with effect from 1 January 2023.

Transit fees for dry bulk carriers and cruise ships will be raised by 10%.

Rabie deemed the hikes as "inevitable and a necessity” due to soaring global inflation rates.

Over $1 trillion worth of goods representing 12% of global trade pass through the 193 km of the Suez Canal every year, which is the fastest and most direct commercial route between Asia and Europe.

By Konica Bhatt

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