Red sea disruptions cut Suez Canal revenue by 8% year-on-year in 9M 2023/24

Posted on July 18, 2024   |  

Suez Canal's transit receipts fell by 7.40% year-on-year to $5.80 billion in the first 9 months of FY 2023/2024, compared to $6.20 billion previously.

The canal's net tonnage fell by 15.60% to 944.9 million tonnes from 1 July 2023 to 30 March 2024.

In Q3 of FY 2023/2024, Suez Canal’s receipts decreased by 57.20% year-on-year to $959.30 million, down from $2.20 billion.

In FY 2022/2023, Suez Canal’s revenues had increased to $9.40 billion, up from $7 billion the previous year.

The sharp decline in Q3 and the overall 9-month period contrasts with the revenue growth in FY 2022/2023.