Egypt’s Suez Canal recorded its highest ever performing month in July 2022, hitting $704 million in revenues, revealed Suez Canal Authority (SCA) Chairman Osama Rabie.

This July’s numbers are 32.4% higher than July 2021’s recorded revenues of $531.8 million. Navigation statistics for last month also saw the largest monthly net tonnage passing through the canal at 125.1 tons, up 18.2% from the 105.8 tons recorded in July 2021.

SCA also revealed that 2,103 ships transited through the canal, an increase of 25.9% from July 2021’s 1,670 ships.

Rabie pointed out that the number of oil tankers passing through increased by 60.2% to achieve the record monthly revenue for oil tankers, amounting to $153 million. The number of LNG tankers also increased by 31% to reach a record monthly revenue of $52 million.

As for best performing day in the canal’s history, July 29 saw the crossing of 85 ships and recorded revenues of $31.8 million.

Fiscal year (FY) 2021/2022 saw the Suez Canal break its highest annual revenue record, hitting $7 billion with a growth of 20.7% compared to the previous FY’s $5.8 billion. Rabie had previously said he aimed to increase the Suez Canal's annual revenues to $13.5 billion by 2023.