Suez Canal revenues drop by 64.3 % in May 2024

The revenues of the Suez Canal experienced a drop of 64.3 percent in May 2024, amounting to approximately $337.8 million, compared to $648 million generated during the same month in 2023, according to sources said to Al Mal News.

 

The sources further clarified that the number of ships traversing the canal in May 2024 was 1,111, which is significantly lower than the 2,396 ships that crossed in the corresponding period of 2023. Consequently, there was a notable decline of 1,285 ships.

 

In addition to the reduction in ship traffic, there was also a considerable decrease in total tonnage, falling by 68.5 percent in May 2024 to about 44.9 million tons.

 

 In comparison, the previous year's May witnessed the passage of 142.9 million tons, representing a decline of 98 million tons.

 

In a statement made earlier in May, Minister of Finance Mohamed Maait expressed his belief that Suez Canal revenues would decrease by nearly 60 percent due to tensions in the Red Sea region. 

 

Minister Maait emphasized the impact of global and regional crises on inflation, which resulted in an approximate $4 billion increase in the monthly import bill.