Egypt's Suez Canal generated a record-breaking USD 7.9 billion in revenue in 2022, according to authorities. 

The revenues for 2022 are the highest in the SCA's history, Suez Canal Authority (SCA) Chairman Osama Rabie told parliament.

According to the Xinhua news agency, revenue for 2021 will be USD 6.333 billion.

According to him, more than 23,000 ships carrying 1.4 billion tonnes of cargo passed through the navigation course in 2022, up from 21,700 ships the previous year.

Former SCA deputy chairman Wael Qaddour attributed the record revenue to the high demand for oil, citing the canal's importance in maritime energy transport.

Qaddour predicted that revenues would continue to rise in the coming years, as transit fees would be raised by 10-15 per cent beginning in January 2023.

The Suez Canal is Egypt's major source of national income and foreign currency reserves.

Approximately 12 per cent of global trade volume passes through the man-made waterway, which is the most important and fastest navigation route connecting Africa, Asia and Europe by bridging the Red Sea and the Mediterranean Sea.

Last year, the vital waterway was closed when the 400m (1,312ft) Evergreen ship became wedged across it after becoming stranded in high winds. Hundreds of ships were stranded in the traffic jam, disrupting global trade.

Following a six-day salvage operation involving a flotilla of tug boats and dredging vessels, the container ship was refloated. During the operation, one person was killed.

The Suez Canal Authority (SCA) has since sought compensation from Evergreen's Japanese owner, Shoei Kisen, for the cost of the salvage operation, canal bank damage and other losses.

The SCA initially requested USD 916 million in compensation, including USD 300 million for a salvage bonus and USD 300 million for reputational damage. But UK Club – which insured Shoei Kisen for third-party liabilities – rejected the claim.

The SCA later reduced its demand to USD 550 million. However, the final settlement has not been disclosed.