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Suez Canal records revenue increase despite Corona

Despite the fact that 13% of China's trade passes through the canal, Suez canal recorded a $5.8 bn in revenues for 2018/2019.
© Egypt Business Directory

Osama Rabie, the head of Egypt's Suez Canal Authority stated that the revenues increased by 5.4% largely due to the new Suez Canal in 2015.

The new Canal cut the time of crossing from 22 hours to 11 hours.

Rabie also stated that there was no drop in the number of vessels crossing the canal due to Corona Virus even thoug around 13% of China's trade passes through the canal.

He also added that the number of vessels increased from 17,900 to 18,000 in 2018/2019.