Suez Canal revenues rose 20% y-o-y in 1Q 2022 to USD 1.69 bn, the Suez Canal Authority (SCA) said in a statement. The number of ships transiting the canal increased nearly 16% y-o-y to register 5.3k vessels, while net tonnage was up 7.4% y-o-y at 313.3 mn tons. The SCA raised fees by 6% for most ships at the start of February, and is targeting revenues of USD 7 bn from the canal in 2022, after hitting a record USD 6.3 bn in 2021.

Global shipping costs have increased sixfold since war broke out in Ukraine, SCA Chairman Osama Rabie told Bloomberg Asharq, leading the authority to introduce another round of fee hikes for transiting vessels. Vessels carrying crude and petroleum products will pay a 15% surcharge as of 1 May, up from 5% currently, while charges are also being raised for other types of vessels. The number of transiting ships fell “slightly” short of expectations in 1Q on the back of Russia’s war, Rabie added, though not enough to impact revenues.