The Suez Canal is expected to make US$1.5 billion more revenues for the fiscal year 2021-2022 which ends on June 30.

Mohamed Maait, Egypt's finance minister made the pronouncement noting that the Suez Canal is expected to hit US$7 billion in revenues for the period noted, expanding by 27% compared to the US$5.5 billion seen the year prior.

Canal revenues in the calendar year 2021 reached an all-time high of US$6.3 billion, up 13% from the US$5.6 billion in 2020 despite the Covid-19 pandemic and disruptions brought by the blockage by cargo ship EVER GIVEN in March last year. 

The Egyptian waterway when compared to sailings around the Cape of Good Hope in Africa, is the fastest route linking Europe and Asia.

Despite a 10% rise in toll fees announced in March, Suez Canal saves shipping companies potentially hundreds of millions of dollars in time and fuel.

Asian shipowners have earlier voiced complaint over the toll increases both at the Suez Canal which is on top of the tariff increases introduced in February.

The all-time high revenue came as the shipping industry reeled from the ongoing impact of the Covid-19 pandemic on shipping — exacerbated by port congestions and other supply chain disruptions.