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Suez Canal revenues rise 13% during 2021

Suez Canal

The Suez Canal revenues increased during the last year 2021 by 13% compared to the revenues of 2020.

The channel’s revenues amounted to $6.3 billion, which is the largest annual revenue recorded in the channel’s history.

In turn, the head of the Canal Authority, Osama Rabie, said that the canal’s revenues achieved during the past year were “the highest annual revenue in the history of the canal, amounting to $6.3 billion. This and the largest annual net tonnages of 1.27 billion tons, exceeding all previously recorded numbers.”

Suez Canal

Rabie explained that the international waterway witnessed the crossing last year of 20,694 ships from both directions. This is compared to 18,830 ships during the year 2020.

Rabie attributed the high returns to “the success of the flexible marketing and pricing policies pursued by the authority in gaining the confidence of the shipping community.”

Last November, the Canal Authority decided to increase the fees for ships crossing the waterway by 6% compared to 2021, starting next February. Cruise ships and liquefied gas tankers are excluded from the decision.

The Suez Canal, which links the Red Sea and the Mediterranean, was opened in 1869. Is considered the most important shipping lane in the world, and it secures the transit of 10% of the international maritime trade.

Canal expansion

In 2015, Egyptian President Abdel-Fattah El-Sisi announced the opening of a project to expand the canal. The project aims at reducing waiting times, doubling the number of ships used by it, and raising the canal’s revenues to $13.5 billion by 2023.

On May 11 last year, El-Sisi approved a project to develop the Suez Canal. It includes the expansion and deepening of the southern part of the canal, after a giant container ship ran aground that disrupted navigation in the waterway for about a week.

Meanwhile, Suez Canal revenues are one of the main sources of hard currency in Egypt, along with exports, remittances from Egyptians abroad, foreign investments, and tourism.

The Suez Canal has also become a significant confrontation with many projects of alternative paths adopted by major countries, including Russia, Iran, and Israel.

Last March, a megaship, Evergevin, was stuck in the canal after it ran aground. It hindered the work of the canal for several days amid a global navigation crisis.

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