Larger vessels and rising traffic lift October receipts to $724mn, but Red Sea security remains critical to sustaining the recovery.
CAIRO — Egypt’s Suez Canal revenues surged 94% year-on-year to $724 million in October, their highest monthly level since the Red Sea shipping crisis began in late 2023, as larger vessels and increased traffic strengthened one of the country’s main sources of foreign currency. The recovery gained further momentum on November 8, when Taiwanese shipping line Evergreen resumed transits after nearly three years.
According to Suez Canal Authority (SCA) Chairman Osama Rabie, 1,490 vessels passed through the canal in October, up 32% from 1,128 a year earlier. Net tonnage climbed 86% to 88 million tonnes from 47 million, while revenues increased by $351 million from $373 million.
The faster growth in tonnage than vessel numbers points to the return of larger ships. Average revenue per transit rose approximately 47% to $486,000 from $331,000, according to MEO calculations based on SCA figures.
Higher charges have also supported receipts. A temporary 12% surcharge on container vessels took effect in July, although the authority has not quantified how much of October’s revenue increase came from pricing rather than changes in vessel traffic and tonnage.
Evergreen’s return marked another step towards restoring regular Asia–Europe services. Its 16,556-container-capacity Ever Eon transited the canal on November 8 while travelling from the Netherlands to Singapore. The vessel operates on Ocean Alliance’s NEU7 service, and Evergreen intends to restore additional sailings, according to the SCA.
Other major carriers, including CMA CGM, Maersk, MSC, Hapag-Lloyd and COSCO, have progressively reinstated services. Maersk-affiliated transits reached 276 vessels during January–September, compared with 146 a year earlier, reflecting growing use of the shorter route instead of the diversion around Africa’s Cape of Good Hope.
The improvement follows a severe contraction in canal earnings after attacks on commercial shipping prompted widespread rerouting. Annual revenues fell from a record $10.25 billion in 2023 to $3.99 billion in 2024, demonstrating the scale of Egypt’s foreign-exchange losses.
For Egypt, the decisive test is no longer the return of individual vessels but the sustained restoration of scheduled shipping services. That would convert October’s sharp recovery into a more dependable stream of foreign-currency earnings, while strengthening the canal’s position in global trade.
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