Supervisor Elham AbolFateh
Editor in Chief Mohamed Wadie

Suez Canal Records Highest Annual Revenues in Its History


Sun 11 Jul 2021 | 11:33 PM
H-Tayea

On Sunday, the head of the Suez Canal Authority, Osama Rabie said the canal's annual revenues rose to a record $5.84 billion in its 2020-21 financial year, up from $5.72 bln in the previous year.

In a statement, the SCA head said that the canal’s navigation movement from January to June 2021 witnessed the crossing of 9763 ships compared to the transit of 9,546 ships during the same period of 2020, with an increase of 217 ships or 2.3 percent.

The net tonnage transiting the canal during the first half of 2021 increased by 3.8 percent, by 610.1 million tons during the first half of the current year, compared to 587.7 million tons during the same period of last year, with an increase of 22.4 million tons.

The head of the authority stressed that the revenues of the Suez Canal, despite the various challenges, witnessed a great boom recently, as navigation statistics during the fiscal year 2020/2021 recorded the highest annual revenue in the history of the canal amounting to $5.84 billion, compared to $5.72 billion during the 2019/2020 fiscal year, with an increase 2.2 percent, or $124.3 million.

He noted that the incentives and discounts granted also played a prominent role in achieving a significant boom in the increase in transit rates of LNG ships, container ships, car carriers and dry bulk ships during the period from January to June 2021, as LNG carriers increased by 24 percent, and container ships increased by 9.7 percent.

The head of the authority stressed that the Suez Canal bears in mind the continuation of the efforts made to maintain the leading position of the canal and the performance of its global role, praising the efforts of all employees of the authority during the last period to overcome various challenges.

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