Bosses of Egypt’s Suez Canal said on Sunday that its monthly revenues hit an all-time record in April, raking in 629 million US dollars (£500 million).

The unprecedented income came after transit fees for ships passing through the waterway were increased in March.

Admiral Ossama Rabei, head of the Suez Canal Authority, said in a statement that 1,929 vessels sailed through the Suez Canal last month, compared with 1,814 in April 2021.

He said revenues rose by 13.9% compared with April last year when the crucial waterway received 553.6 million dollars (£440 million).

About 10% of global trade, including 7% of the world’s oil, flows through the Suez Canal, which connects the Mediterranean and Red Seas.

The canal, which first opened in 1869, is a major source of foreign currency for Egypt.

The waterway’s annual revenues reached 6.3 billion dollars (£5 billion) in 2021, the highest in its history.

Officials said 20,649 vessels passed through the canal last year, a 10% increase on 18,830 in 2020.

The shipping industry is still under pressure from the coronavirus pandemic, and Russia’s war on Ukraine has added to global economic concerns.