Suez Canal makes $1 mln in revenues per hour first time in its history

Khaled Abu Bakr, the legal advisor of the Suez Canal Authority, stated that for the first time in its history, the Suez Canal achieved revenues of one million dollars per hour, making it a consistent and regular source of income throughout the day.

“The Egyptian government aims to achieve sustainable development in the Suez Canal, including enhancing services and increasing crossing rates.” He said.

He affirmed that the revenues of the Suez Canal have witnessed a qualitative leap during the past four years despite the successive global crises it faced, starting from the COVID-19 pandemic, passing through the global recession crisis, and the Russian-Ukrainian war crisis.

Abu Bakr emphasized that success was not a result of coincidence but rather an outcome of strategic planning, diligent work, continuous development, and the adoption of flexible pricing and marketing policies. These factors had a significant impact on attracting new shipping lines and dealing flexibly with the occurring changes in the maritime transportation industry.

The revenues of the Suez Canal reached 9.4 billion dollars during the fiscal year 2022-2023, which is the highest in the canal’s history. The number of ships that passed through the canal during the past fiscal year was 25,837.

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