EGYPT · SHIPPING
Key Facts
- —The country Egypt, a North African country of more than 100 million people, owns and runs the Suez Canal.
- —What happened Egypt’s prime minister said on Sunday 4 October that Red Sea turmoil cut canal income by over US$6 billion yearly.
- —How big a drop Suez Canal revenue fell from about US$10 billion a year to US$3.3 billion, Mostafa Madbouly said.
- —The recovery Revenue has since climbed back to about US$4.4 billion, by Madbouly’s count.
- —Why it matters The canal is one of Egypt’s main sources of US dollars, alongside remittances, tourism and exports.
- —The catch Even after the rebound, canal income is less than half the record US$10.25 billion of 2023.
- —What comes next The first Suez sailing of Maersk and Hapag-Lloyd’s joint AE12 Asia-Mediterranean service leaves Malaysia on 27 October.
Egypt’s Suez Canal revenue is recovering but remains far below its peak, Prime Minister Mostafa Madbouly said on Sunday 4 October. In a CNN Business Arabic interview, he said Red Sea disruption had cost the canal over US$6 billion a year.
The canal links the Mediterranean to the Red Sea and is one of Egypt’s main sources of US dollars. When ships stay away, Egypt earns less hard currency and global trade pays more for longer voyages.
What the Prime Minister Said
Madbouly said Suez Canal revenue reached about US$10 billion a year before shipping in the Red Sea was disrupted. It then fell to US$3.3 billion, a loss of more than US$6 billion a year.
Revenue has since climbed back to about US$4.4 billion, he said, but it remains well short of pre-crisis levels. He pointed to continued tensions in the Red Sea and the Bab el-Mandeb, the narrow strait at the sea’s southern end.
He also named developments around the Strait of Hormuz, the narrow exit from the Gulf, as a challenge for world trade. Masrawy, an Egyptian news site, reported that he linked the earlier slump to the war in Gaza and wider regional tensions.
Madbouly said Egypt is still developing the waterway, including expansion work on its southern section. It is also linking the canal to transport and logistics networks inside the country.
Why the Canal Matters to Egypt
The canal is the main shortcut for shipping between Asia and Europe. Ships that avoid it sail around the Cape of Good Hope at Africa’s southern tip instead.
Suez Canal revenue is one of Egypt’s main sources of foreign currency. The others include money sent home by Egyptians abroad, tourism, investment and exports.
Madbouly said Egypt wants to absorb such shocks better by spreading its income across industry, exports, tourism and investment. He added that the state has alternative plans to make up part of the lost revenue.
The canal’s recovery is one strand of the wider picture of Egypt’s 2026 economy, which also covers reserves and the pound. In July 2024, Madbouly put the canal’s losses at up to US$550 million a month.
What the Canal Authority’s Own Figures Show
The Suez Canal Authority, the state body that runs the waterway, publishes more detailed numbers. Chairman Osama Rabie said Suez Canal revenue rose 23% to US$4.67 billion in the 2025/26 fiscal year, which ended in June.
Ship transits rose 10% that year and cargo tonnage 22%, Rabie said in a television interview on Sunday 28 June. Both still fell short of pre-disruption targets, reported Ahram Online, the English site of Egypt’s state daily Al-Ahram.
The rebound has picked up since. In August 2026, 1,358 vessels crossed the canal, 27% more than a year earlier, Rabie said on Sunday 20 September.
Revenue that month reached US$567.1 million, up from US$326 million in August 2025. For scale, the canal earned a record US$10.25 billion in 2023 and US$3.991 billion in 2024, by the authority’s count.
How the Canal Is Trying to Win Ships Back
Some of the largest container lines are returning. Maersk and Hapag-Lloyd said in September that four more joint services would switch from the Cape of Good Hope back to Suez.
Their joint AE12 service between Asia and the Mediterranean is the last of the four to switch. Its first ship on the Suez route, the Umm Qarn, leaves Malaysia’s Tanjung Pelepas port on 27 October, Maersk said.
Before the crisis, Maersk ships alone made 1,158 transits in 2023, generating US$732.5 million in revenue, Rabie said.
On Monday 5 October, Rabie met Panama’s ambassador at the authority’s headquarters in Ismailia. According to the authority, the two sides discussed cooperation with the Panama Canal on marketing, training and information sharing.
Rabie said crisis management is now a core part of the authority’s strategy.
He said the authority has diversified its income by building marine craft in its own shipyards. It has also introduced new maritime and logistics services.
A recent circular also eases a paperwork rule on tolls. Ships can now hand in missing documents as late as their third transit, within six months of the first.
Tolls for those earlier trips are then settled on the canal’s own net tonnage measure, Masrawy reported on Monday 5 October.
What It Means for US Readers
For investors, Suez Canal revenue is a quick gauge of the US dollars flowing into Egypt. A steady recovery helps the country’s foreign currency position, while new Red Sea flare-ups could reverse it.
For importers and shippers, the route matters far beyond Egypt. Longer voyages around Africa add time and cost, which can feed into freight rates, supply chains and energy prices.
For policy watchers, the canal ties Egypt’s economy to security in the Red Sea and the Gulf. Madbouly said regional stability is needed before shipping returns to normal levels.
What Is Not Known
Madbouly gave no exact dates or fiscal periods for his figures. His US$4.4 billion is below the US$4.67 billion the canal authority reported for the 2025/26 fiscal year.
Reports of the interview also differ on the low point. CNN Business Arabic quoted US$3.3 billion, while the business paper Al Mal reported about US$3.1 billion.
Madbouly gave no completion date or cost for the southern expansion. Nor did he give a timetable for Suez Canal revenue to return to pre-crisis levels.
What Comes Next
The next marker is 27 October, when the first AE12 ship on the Suez route sails from Malaysia. September traffic figures, once published, will show whether August’s jump in Suez Canal revenue held.
More: Egypt news in English, every day from The Rio Times.
How much money does the Suez Canal make for Egypt?
The canal authority reported US$4.67 billion for the fiscal year to June 2026, up 23%. Prime Minister Mostafa Madbouly put Suez Canal revenue at about US$4.4 billion on Sunday 4 October.
Why did Suez Canal revenue fall?
Attacks and tensions around the Red Sea pushed shipping lines to sail around Africa instead. Madbouly said revenue fell from about US$10 billion a year to US$3.3 billion.
Is shipping returning to the Suez Canal?
Yes, gradually. In August 2026, 1,358 vessels crossed, 27% more than a year earlier. Maersk and Hapag-Lloyd’s joint AE12 service starts its first Suez voyage from Malaysia on 27 October.
Why should Americans care about Suez Canal revenue?
The canal is a key shortcut between Asia and Europe. Disruption there raises shipping costs and can affect supply chains and energy prices. For investors, it is also one of Egypt’s main sources of US dollars.
What is Egypt doing to win ships back?
It is expanding the canal’s southern section and linking it to transport and logistics networks. The canal authority has also added new maritime services and eased a paperwork rule on tolls.
Sources: CNN Business Arabic, interview with Prime Minister Mostafa Madbouly, 4 October 2026; Masrawy, Madbouly on Suez Canal revenue, 4 October 2026; Al Mal, Madbouly on diversifying foreign currency sources, 4 October 2026; Suez Canal Authority, chairman receives Panama’s ambassador, 5 October 2026; Youm7, Suez Canal Authority chairman meets Panama’s ambassador, 5 October 2026; Masrawy, Suez Canal amends toll settlement rules, 5 October 2026; Ahram Online, Suez Canal revenue rises 23% to US$4.67 billion in FY2025/26, 28 June 2026; Ahram Online, Suez Canal traffic rises 27% in August, 20 September 2026; Ahram Online, Maersk and Hapag-Lloyd to route AE12 via Suez from 27 October, 29 September 2026; Egyptian Streets, Why the Suez Canal’s recovery matters for Egypt’s economy, 21 September 2026; Suez Canal Authority, chairman at World Maritime Day (August traffic and revenue), 20 September 2026; Maersk advisory, structural changes to AE5, AE11, AE12 and ME2 Gemini services, 14 September 2026; Maersk advisory, structural change to AE12: updated rotation, 28 September 2026; Youm7, Madbouly: Suez Canal loses US$500 million to US$550 million a month, 30 July 2024.
This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error · Editorial responsibility: Matthias Camenzind, Editor-in-Chief
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