During his meeting with the International Monetary Fund mission, Rabie highlighted that from the beginning of July until now, 5,874 vessels have transited the Canal, with a total net tonnage of 247.2 million tons, generating $1.970 billion in revenue.
The Suez Canal Authority (SCA) expects its revenues to grow in the coming years, with projections reaching about $8 billion by FY2026/2027 and potentially $10 billion by FY2027/2028, according to Chairman of SCA, Osama Rabie.
During his meeting with the International Monetary Fund mission, Rabie highlighted that from the beginning of July until now, 5,874 vessels have transited the Canal, with a total net tonnage of 247.2 million tons, generating $1.970 billion in revenue.
This compares to 5,584 vessels and a total tonnage of 216.0 million tons, generating $1.677 billion during the same period last year, reflecting a 5.2% increase in vessel numbers, a 14.4% rise in tonnage, and a 17.5% boost in revenue.
Ivana Vladkova-Hollar, Head of the International Monetary Fund (IMF) mission to Egypt, praised the Suez Canal's ability to manage various crises and its flexibility in dealing with challenges by improving service efficiency and maintaining constant communication with clients.
She highlighted that these efforts contribute to supporting the sustainability of maritime traffic and restoring stability in the Red Sea.
Hollar emphasized the strategic importance of the Suez Canal for global trade, noting that the advanced maritime and logistics services it offers, along with the significant time and distance savings, make it a key element in supporting global supply chains and international trade.
Rabie emphasized the strategic importance of the Suez Canal to the Egyptian economy, as it remains one of the key sources of foreign currency. He noted that the Canal generated a total of $40 billion in revenue from 2019 to 2024.
He further stressed that the Suez Canal has successfully weathered numerous challenges over the years, including the COVID-19 pandemic, the Ever Given container ship incident, the Russian-Ukrainian war, and the Red Sea crisis.
This resilience was achieved through flexible adaptation to global economic shifts, maintaining constant communication with clients, and meeting their needs through flexible marketing and pricing strategies.
