Suez Canal achieves the highest revenues in its history

The Suez Canal has recorded an all-time high level of revenues of $ 5.728 billion, an 8% increase over the 2017 revenues.

The canal is the fastest shipping route between Europe and Asia and one of the government’s main sources of foreign currency.

According to official statistics issued by the Egyptian Council of Ministers, the Canal recorded the tonnage of ships passing through the Suez Canal a new record in 2018, reaching 1.139 billion tons, an increase of 9.3% from the cargo tonnage in 2017, amounting to one billion and 42 million tons.

The new canal and flexible marketing policies contributed to the rising income, according to the chairman of the Suez Canal Authority, Mohab Mamish.

December’s Suez Canal revenue was $471.8 million, up from $461.5 million the previous month and slightly higher than the previous December’s $471.5 million.

A major extension of the Suez Canal was inaugurated by Egypt in August 2015, aiming to power an economic turnaround.

The $8 billion New Suez Canal project was completed in only one year instead of three on President Abdel Fattah al-Sisi’s orders, but economists and shipping analysts had questioned whether there was sufficient traffic to meet its ambitious revenue targets.