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Egypt’s Suez canal records record revenues during 2020/ 21

Head of the Suez Canal Authority in Egypt Osama Rabie said that during the 2020/2021 fiscal year, the canal collected a record high in revenues, reaching US$5.84 billion, compared to US$5.72 billion during the fiscal year 2019/2020, marking an increase of 2.2 percent, or US$124.3 million.

He added in a statement that the navigation statistics during the first half of 2021 recorded a noticeable increase in the number and tonnage of ships transiting the canal, which was reflected in the revenues.

Navigation in the canal from January to June 2021 witnessed the crossing of 9,763 ships, compared to 9,546 ships during the same period last year, with an increase of 217 ships.

The net tonnage crossing through the canal also increased during the first half of this year by 3.8 percent, amounting to 610.1 million tons, compared to 587.7 million tons during the same period last year, marking an increase of 22.4 million tons.

The channel’s revenues during the first half of 2021 achieved about US$3 billion, compared to US$2.76 billion during that period last year, an increase of 8.6 percent.

Rabie stressed that the authority is seeking to maintain the canal’s leading position in global trade. He also praised the efforts of all employees of the authority to overcome challenges throughout the year.

Rabie expressed his hope that by the end of the current year, performance rates will witness unprecedented records in terms of the number of transiting ships, tonnage, and revenue generated.

Edited translation from Al-Masry Al-Youm

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