The Suez Canal generated $39.919 billion in dollar-denominated revenue from 2019 through 2024, despite a sharp downturn in 2024 due to escalating regional tensions, according to Suez Canal Authority (SCA) Chairman Osama Rabie. Annual revenue hit a record $10.25 billion in 2023, but disruptions to global shipping — particularly in the Red Sea — caused a dramatic 61 per cent drop in 2024, with earnings falling to $3.991 billion. "The canal has consistently demonstrated resilience and strategic importance in the maritime industry, even in times of crisis," Rabie said during a press briefing at SCA's Excellence Day celebration in Ismailia, highlighting the canal's ability to adapt and recover in challenging geopolitical environments. Early 2025 Shows Signs of Recovery Despite the downturn in 2024, traffic through the canal showed signs of recovery in early 2025. March statistics indicated a 2.4 per cent increase in the number of vessels transiting compared to January, while net cargo tonnage rose by 7.1 per cent. Revenues for the month also climbed 8.8 per cent. From 2019 to 2024, a total of 121,902 ships passed through the canal, carrying net cargo of 7.154 billion tons. The canal's performance over this period underscores its enduring role as a global trade artery. Ship traffic reached its peak in 2023 with 26,434 vessels, up from 18,880 in 2019. However, the fallout from regional instability saw ship numbers plunge to 13,213 in 2024 — a 50 per cent year-on-year drop. Cargo tonnage mirrored this pattern, rising from 1.207 billion tons in 2019 to a record 1.568 billion in 2023, before falling sharply to 525 million tons in 2024, a 66.5 per cent decline. Rabie emphasised that the canal's modernization efforts are ongoing. Projects to expand the navigation channel and upgrade the maritime fleet are underway, alongside the introduction of new services aimed at transforming the Suez Canal into a regional hub for marine and logistics services. "The challenges are significant, but so is our commitment to growth," Rabie said. Attribution: Amwal Al Ghad English
