Suez Canal Records Its Third-Highest Revenue in 2020

Lieutenant General Osama Rabie, Chairman of the Suez Canal Authority, said that the canal achieved revenues of about $5.61 billion during the past year, explaining that it is the third-highest annual revenue in the history of the canal since its opening.

Rabie stressed that the performance indicators and the revenues generated during the year 2020 reflect flexibility and professionalism in dealing with severe calamities.

As the Suez Canal witnessed previous crises such as the collapse of oil prices during 2016, in which the channel’s revenues fell short with $5 billion, and the global sovereign debt crisis in 2009 during which the canal revenues fell to about 4.29 billion dollars.

The chairman pointed out that the performance of the Suez Canal and its general policies during the last period had won wide international praise from the International Maritime and Baltic Council, and the Sea Trade Organization.

He also stated that the Canal's administration goal is to continue the efforts made to preserve the leading position of the channel and perform its global role.

Moreover, he praised all the efforts of all employees of the authority for their role in the success of crisis management, expressing his hope that this year the Canal witnesses a tangible improvement in the indicators of global trade movement.