Egyptian Finance Minister Mohamed Maait expected that Suez Canal revenues will reach US$7 billion by the end of the current fiscal year, which ends on June 30, 2022.
Maait added in a statement, on Saturday, that tourism revenues are expected to reach between $10 and $12 billion by the end of the fiscal year, despite the war in Ukraine, according to Reuters.
The Suez Canal is the fastest shipping corridor between Europe and Asia and one of the main sources of foreign currency for the Egyptian government.
In early May, the head of the Egyptian Suez Canal Authority, Osama Rabie, said that the canal achieved the highest monthly revenue in its history at $629 million in April 2022.
Rabie added that the canal’s revenues in April increased by 13.6 percent, compared to $553.6 million in April 2021, according to Reuters.
The Suez Canal Authority announced that it would raise surcharge fees for a number of categories of ships, starting from May 1.
The Authority said that it would raise surcharge fees ships carrying crude oil and petroleum products to 15 percent above the normal fees, instead of five percent.
A surcharge for empty tankers will continue at five percent of the normal transit fee.
The authority also decided to raise the surcharge imposed on ships carrying LPG and chemical materials and other liquid materials, to 20 percent of the normal fees, instead of 10 percent.
The surcharge imposed on loaded dry bulk vessels rose to ten percent from five percent, while other vessels will have to pay a surcharge of 14 percent instead of seven percent.