2017 was a good year for the Suez Canal as higher traffic in the waterway brought about a 5.6 percent revenue increase, totaling in USD 5.3 billion.

The canal authority’s head Vice Admiral Mohab Mameesh said that the navigation traffic in the canal connecting Europe and Asia was up by 4.6 percent when compared to the corresponding figures from 2016.

Traffic growth has resulted in 7.1 percent higher net tonnage in the past 12 months in comparison to the corresponding figures from the previous year.

According to Mamesh, the higher figures reflect the importance of the canal for international trade.

Moreover, he added that the state is seeking to benefit from the huge volume of cargoes that cross the canal annually by implementing an ambitious development project in the region which will see the establishment of industrial zones and creation of a more attractive climate for investors.

In December, the canal saw 74 vessels cross the waterway in 24 hours, the highest number of single-day ship crossings in the Suez Canal’s history.

The 74 large ships carried a total of 5.2 million tons of cargo, also a record weight of shipments in a single day.

In August 2017, the canal authority cut tolls for LNG carriers operating between the American Gulf, Arabian Gulf zone, India and its eastern ports.

The reduction followed discounts offered to dry bulk carriers in April 2017 as the canal authority was working on encouraging more ship transits through the canal.