Suez Canal's revenues hit $4 bn in 2024
The Chairman of the Suez Canal Authority (SCA), Osama Rabie, said that the Canal’s revenues are expected to close the current year at approximately $4.2 billion, up from $3.9 billion in the previous year. The Canal achieved its highest-ever annual revenue in 2023, reaching $10.2 billion, WAM reports.
He described the performance as a “real beginning of gradual recovery” in international maritime transit through the Suez Canal and the Red Sea, following a period of slowdown driven by security tensions in the region.
Speaking in televised remarks, Rabie noted that the past few months have seen a noticeable rebound in traffic, with the number of vessels transiting the Canal rising 16% in October on an annual basis, while dollar-denominated revenues grew by 17% year-on-year.
He added that a record 26,434 vessels transited the canal in 2023 compared to 13,213 in 2024.
As reported earlier, Kazakhstan and Azerbaijan expand Middle Corridor cooperation with $62 million ferry investments.
