Suez Canal Revenue Up Significantly in 2024

(3 Minutes Read)

The authority revealed that the net tonnage of vessels passing through the canal dropped by 66.5% in 2024, recording 525 million tons, down from 1.68 billion tons in 2023. Similarly, vessel traffic fell by 50%, with 13,213 ships passing through the canal, compared to 26,434 the year before.

Suez Canal revenues saw a sharp decline of 61% in 2024, falling to USD 3.9 billion compared to USD 10.2 billion in 2023. The announcement was made during the Excellence Day celebration, where the Suez Canal Authority also launched new maritime services and signed several memoranda of understanding with strategic partners for upcoming projects.

The authority revealed that the net tonnage of vessels passing through the canal dropped by 66.5% in 2024, recording 525 million tons, down from 1.68 billion tons in 2023. Similarly, vessel traffic fell by 50%, with 13,213 ships passing through the canal, compared to 26,434 the year before. On the operational side, Rabie highlighted a major milestone: the successful completion and activation of the Southern Sector development project, which includes both expansion and dual-lane upgrades.

The project is expected to significantly boost navigational safety, reduce the impact of water currents on transiting vessels, and increase the canal’s capacity by an additional 6 to 8 ships per day.

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Despite escalating regional tensions and growing challenges, Rabie affirmed that the Suez Canal has continued to provide its vital navigation and maritime services without interruption.