CAIRO, Nov. 5 (Xinhua) -- Traffic through Egypt's Suez Canal continued to recover in October, with revenues surging 94 percent year on year to 724 million U.S. dollars, Suez Canal Authority (SCA) Chairman Osama Rabie said Thursday.
Rabie said that 1,490 ships with a combined net tonnage of 88 million tons transited the canal in October, representing year-on-year increases of 32 percent in vessel numbers, 86 percent in net tonnage and 94 percent in revenues, according to a statement by the SCA.
Rabie expressed optimism about the canal's performance, expecting the positive trend to continue as most international shipping lines resume transits through the waterway.
He said the recovery reflects the canal's vital role in ensuring the sustainability and stability of global supply chains despite regional geopolitical challenges.
Since November 2023, security concerns in the Red Sea have prompted many international shipping companies to divert vessels away from the Suez Canal and reroute them around Africa's Cape of Good Hope. The diversions have significantly reduced traffic through the canal and dealt a heavy blow to its revenues, a major source of foreign currency for Egypt.
