Egypt’s Suez Canal revenue rebounds to $2B
Waterway posts sharp traffic and earnings growth as post-war shipping patterns steadily normalize after Gaza ceasefire
CAIRO, Egypt (MNTV) – Egypt’s Suez Canal earned $1.97 billion in the first five months of the fiscal year, up 17.5 percent year-on-year, on the back of 5,874 ship transits since July, Suez Canal Authority Chairman Osama Rabie told an International Monetary Fund delegation.
According to Arab News, Rabie’s update supports Prime Minister Mostafa Madbouly’s earlier assurance that activity along the strategic waterway would normalize within three months of the Gaza ceasefire.
The SCA chief has recently stated that annual canal revenues are on track to exceed last year’s figures, with a gradual rise expected in the coming fiscal year.
According to the SCA, canal income is projected to reach around $8 billion in FY 2026/27, climbing to approximately $10 billion the year after.
The waterway generated $40 billion between 2019 and 2024, cementing its position as Egypt’s most vital source of foreign currency.
The IMF anticipates continued recovery, forecasting revenues of $11.9 billion by FY 2029/30 as Red Sea shipping routes stabilize.
Rabie also noted improving vessel traffic following the Gaza peace agreement and said global carriers are preparing to return in greater numbers.
French shipping giant CMA CGM recently conducted a trial transit of two large container ships from Bab-el-Mandeb, a move Rabie believes will encourage other major operators to resume full passage through the canal.
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