Revenues for Egypt’s Suez Canal hit $7 billion in the financial year to June 30 – a record high that was 20.7%  up from the previous year.

A statement from the Canal Authority Chairman Osama Rabea noted the increase was attributable to an increase in vessel numbers and cargoes. Total cargoes had reached a record high of 132 million tons, which was up 10.9% from 2020-2021. Total numbers of vessels was up 15.7%, to 22,032.

The canal is the fastest way to ship goods between Europe and Asia, and is used to ship Russian oil to Asia. It is a main means by which the Egyptian government acquires foreign currency.

The canal underwent an expansion in 2015 which led to a rise in revenue. There is a follow-on expansion which will be completed in 2023. The second expansion was announced as a response to the grounding of the Ever Given cargo ship in March of last year. It blocked the canal for six days, disrupting global trade.

The ship was impounded after it was freed, and was held by the government which was demanding $916 million in fees, including a $300 million fee for “loss of reputation.” The ship was released a few months later in July after a deal was reached on compensation.