The Suez Canal reported a 35% jump in revenues for the first quarter of 2023 as the number of ships crossing the waterway was also up double-digits during the January to March period.

A statement posted on Egypt's presidency website said the Suez Canal —  one of the world's most important waterways —  saw revenues hit US$2.3 billion in Q1.

The number of ships crossing the Egyptian waterway was also up by 20% compared to the same period in 2022.

"The canal also achieved the highest daily transit rate in its history, on March 13, with 107 ships, with a tonnage of 6.3 million tons," the statement said.

The statement followed a meeting of Egyptian President Abdel-Fattah al-Sisi with the Chairman of the Suez Canal Osama Rabie where they tackle means to further develop the navigation course of the canal and efforts of modernizing the marine fleet by adding new dredges and tugs that have an important role in securing the crossing ships.

The Egyptian president then gave directives to continue the implementation of the strategy for the development of the Suez Canal, its navigational course and all its facilities and infrastructure, with the aim of continuing its outstanding performance, which is internationally recognized for its efficiency and ability, in light of its unique position at the level of global navigation and trade. 

The Suez Canal is a major lifeline for global seaborne trade since it allows ships to travel between Europe and South Asia without navigating around Africa, thereby reducing the sea voyage distance between Europe and India by about 7,000 km.

Some 12% of the world trade volume passes through the man-made canal.

The Suez Canal earlier announced that it will be raising transit fees for ships passing through the Suez Canal starting January 1, 2023.

"The Suez Canal Authority has issued new resolutions on the Suez Canal transit tolls that are to be applied in 2023," the authority said in a statement on September 17, 2022.

Rabiee said then that fee hikes are "inevitable and a necessity" as he blamed worsening global inflation for making the waterway's operations, maintenance, and maritime services more costly.

Nonetheless, authorities said the Canal remains the most efficient and least costly route compared to alternative routes.