Egypt’s Suez Canal, the key conduit for oil and other seaborne trade flows between Europe and Asia, has seen both volumes and revenues soar since Russia’s late February invasion of Ukraine.
Having already hit a record 342mn for Q2 (MEES, 8 July), net tonnage leapt further to a new record of 372mn for Q3, a 13.7% year on year gain. And a 15% tariff hike for oil tankers from 1 May (MEES, 25 March) means that the gains are bigger still in revenue terms. Q3 toll revenues of $2.13bn are up $190mn on Q2’s previous record and 28.8% higher than the year-ago figure (see chart 1). (CONTINUED - 443 WORDS)