Suez Canal Revenues Hit Historical Level despite Pandemic

Osama Rabie, head of the Suez Canal Authority said that the revenues of the Suez Canal, despite the various challenges, including the pandemic, witnessed a great boom, as navigation statistics during the fiscal year 2020/21 recorded the highest annual revenue in the history of the canal.

The canal's revenues amounted to $5.84 billion, compared to $5.72 billion during the fiscal year 2019/20, an increase of 2.2% or $124.3 million.

Rabie added that the canal witnessed a remarkable increase in the number and tonnage of ships transiting the canal in the first half of 2021, as the canal’s navigation movement from January to June saw the crossing of 9,763 ships, compared to 9,546 ships, year-on-year, with a difference of 217 ships, an increase of 2.3%.

3.8% growth in the tonnage of ships transiting the Suez Canal

Net tonnages across the canal increased during the first half by 3.8%, amounting to 610.1 million tons, compared to 587.7 million tons during the same period last year, a difference of 22.4 million tons.

Rabie explained that the canal’s revenues amounted to about $3 billion during the first half of 2021, compared to $2.76 billion, an increase of 8.6% or $237 million.

He pointed to the success of the marketing and pricing policies pursued by the authority in maintaining the transit rates of ships in the canal and gaining the confidence of customers, as the new policies contributed to attracting 2,519 ships, generating revenues of $620.1 million during the first half of the year.

The number of car carriers crossing the canal increased by 27.8%

Rabie pointed out that the incentives and discounts granted played a significant role in reaching a major 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, as LNG carriers increased by 24%, container ships by 9.7%, while the number of car carriers increased during that period by 27.8%, and dry bulk vessels increased by 5% during that period.

He stressed that the Suez Canal has in mind the continuation of the efforts made to maintain the leading position of the canal and the performance of its role in global trade.