Suez Canal Posts Unprecedented Monthly Revenues at $571 Mln

Head of the Suez Canal Authority Osama Rabie revealed that the canal achieved the highest monthly revenue in its history with a value of $571.3 million, and the largest monthly net tonnage of 113.5 million tons in November, exceeding all records previously recorded.

This came on Tuesday during his meeting with a delegation from the Maritime Postgraduate Studies Institute  headed by Major General Osama Saleh, and accompanied by a group of scholars and faculty members at the new Marina building in Ismailia Governorate.

Rabie stressed the leading position and strategic importance of the Suez Canal in the navigation community, pointing out that New Suez Canal project has enabled to enhance the canal’s capacity and numerical capacity, and increase its ability to receive giant ships with large submersibles.

He stressed that the full and continuous support of the political leadership had a great impact towards achieving the objectives of the strategic vision for the development of the authority 2023, and the continuous development of the navigation course, in parallel with the efforts to develop the marine fleet, maximizing the benefit of the authority's assets and developing its resources, as well as promoting the vision of the Authority is moving towards digital transformation.

Rabie explained that the authority attaches great importance to strengthening mechanisms that would achieve sustainable development goals (SDGs) and preserve the environment in light of Egypt’s 2030 vision by studying the provision of incentives for ships that depend on liquefied natural gas (LNG), and discussing ways to use renewable energy in operating pilot stations and a number of marine units.

He referred to the challenges posed by the pandemic and highlighted the measures taken to avoid the negative effects of the crisis by adopting flexible marketing and pricing policies and offering incentives to shipping lines, which has won many international acclaim.

He referred to the accident of the delinquency of the giant Panamanian container ship EVER GIVEN, describing it as a complex accident that necessitated taking unusual measures, as dredging was introduced for the first time in marine rescue work, and 15 tugboats participated in the tug and towing works.

Rabie reviewed the developments of the project to develop the navigational course of the canal, which aims to double the area from 122 km to 132 km, numbering a 10 km canal, in addition to expanding and deepening the southern region of the Suez Canal, starting from 132 km to 162 km, numbering a channel 40 meters wide on one side. East, and a depth of 72 feet, stressing its importance in increasing the navigational safety by 28%.

Finally, he presented the shield of the Suez Canal to the director of the institute, and in return he gave him the shield of the Institute. The visit included a cruise in the Suez Canal, followed by a visit to the tunnels site to see the size of the achievement on the ground.