Suez Canal revenues hit all time record of 63bn US dollars

Annual revenues of the Suez Canal in Egypt have reached 6.3 billion US dollars (£4.7 billion), the highest in the crucial waterway’s history.

Annual revenues of the Suez Canal in Egypt have reached 6.3 billion US dollars (£4.7 billion), the highest in the crucial waterway’s history.

Admiral Ossama Rabei, head of the Suez Canal Authority, said last year’s revenues rose 12.8% compared with 2020, when the canal achieved 5.6 billion US dollars (£4.1 billion).

He said in a statement that 20,649 vessels passed through the Suez Canal last year, 10% up on 18,830 vessels in 2020.

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, first opened in 1869, is source of national pride and foreign currency to Egypt.

The unprecedented 2021 revenues have been announced at a time when the shipping industry is still under pressure from the coronavirus pandemic.

The canal, one of the world’s most vital waterways, was blocked for six days in March when a massive Panama-flagged container ship, the Ever Given, ran aground in the single-lane stretch of the waterway.

Published: 02/01/2022 by Radio NewsHub