The Suez Canal announced on Monday a record profit of $7 billion (about 6.7 billion euros) for the 2021-2022 fiscal year, after repeatedly increasing the transit fees for ships on this important route for global trade. Between July 2021 and June 2022, about 1.32 billion tons of goods passed through the canal, generating $7 billion in transit rights, the highest in its history, Suez Canal Authority (SCA) President Osama Rabi said on Monday.
This is 20.7% more than the previous financial year (€5.5 billion), he added in a press release. “International crises have shown the importance of the Suez Canal to the stability of global supply chainssaid Mr. Rabi again.
Egypt, caught between inflation above 15% and the pound’s recent devaluation of around 20%, has increased rights of passage, particularly for oil and gas vessels, from 6% in February and 5% to 10% in March. The Suez Canal sees roughly 10% of global maritime trade pass through it and represents one of Cairo’s main sources of foreign exchange.
A record figure despite the war in Ukraine and rising oil prices
Despite the war in Ukraine and the rise in the price of oil, which affected maritime transport, the canal recorded its “top» monthly turnover in April, estimated at 605 million euros. While Cairo is discussing a new loan of around 480 million euros with the International Monetary Fund (IMF), its foreign exchange reserves fell from 35.48 billion euros in March to 34 billion in May.
Source: Le Figaro
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