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Sunday, 11 September 2022

Suez Canal sees record monthly revenues in August

Revenues at the Suez Canal hit an all-time high of USD 744.8 mn in August, the Suez Canal Authority said on Thursday. This is 32% higher than August 2021.

Record tonnage + traffic: The large revenues came on the back of record tonnage and a record number of vessels transiting the canal. More than 2,120 ships transited the canal during the month, up 13% y-o-y. Tonnage increased 16% from August last year to 127.8 mn tons.

It’s been a good run for the strategic waterway: Suez Canal revenues hit a record high of USD 7 bn in FY 2021-2022 thanks to a global surge in oil prices and freight rates, as well as the crisis in Ukraine making the canal more attractive than other routes.

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