Cairo – Mubasher: Suez Canal’s transit receipts declined by 7.40% year-on-year (YoY) to $5.80 billion during the first nine months (9M) of the fiscal year (FY) 2023/2024, versus $6.20 billion.

The net tonnage shrank by 15.60% to 944.9 million tonnes in the nine-months period, which starts on 1 July 2023 and ends on 30 March 2024, according to data released by the Central Bank of Egypt (CBE).

During the third quarter (Q3) of FY23/24, Suez Canal’s receipts dropped 57.20% YoY to $959.30 million from $2.20 billion.

“This decrease stemmed primarily from the Red Sea maritime traffic disruptions, which forced several commercial shipping companies to divert their shipping routes,” the CBE commented.

It is worth noting that Suez Canal’s revenues surged to $9.40 billion in FY22/23 from $7 billion a year earlier.