Manna for Egypt, the Suez Canal recorded record profits

This is a boon for Egypt, in the grip of financial difficulties and high inflation aggravated by the war in Ukraine.

Maritime traffic in the Suez Canal has generated 7 billion dollars (6.7 billion euros) in revenue over the last twelve months.

A historic amount up by more than 20% compared to an already exceptional 2021 vintage.

The turnover for the month of April alone amounts to more than 605 million euros.

This too is a record, as supply chain disruptions and soaring oil prices have affected maritime transport.

The Suez Canal, built in 1869, is a strategic route through which approximately 10% of sea freight transits, the equivalent for this year of 1.3 billion tonnes of goods.

The blockage caused last year by the sinking of the

had thus disrupted world trade.

, supports Oussama Rabie, president of the Suez Canal Authority (ACS).

If the number of ships increased by 15.8% in the first quarter over one year, the unrivaled profits of the canal also come from the increase in customs duties.

After an initial increase of 6% in February, taxes jumped again by 5 to 10% in March.

An additional cost which was used in particular to finance the widening of the portion of the canal where the

had run aground , justified the Egyptian authorities.