Daily Management Review

Suez Canal earns record amount in 2021


The Suez Canal earned a record $5.84 billion last fiscal year, Admiral Osama Rabie, head of the waterway's administration, said on Sunday.

Luigi Rosa
Luigi Rosa
According to a release from Rabie's office, the number and tonnage of ships passing through the Suez Canal increased markedly during the first half of 2021. Thus, according to statistics from the canal administration, between January and June 2021, 9,763 ships passed through the waterway connecting the Mediterranean Sea and the Red Sea, an increase of 217 vessels compared to the same period last year.

"Revenues of the Suez Canal, despite various challenges, have recently increased significantly. Shipping statistics for fiscal year 2020/2021 recorded the highest annual revenue in the canal's history, which stood at $5.84 billion compared to $5.72 billion during fiscal year 2019/2020," Rabie was quoted by his office as saying.

According to Rabie's statement, the increase in the number of ships passing through the Suez Canal has been "facilitated by the flexible marketing and pricing policies of the canal administration".

"The incentives and discounts granted have also played a prominent role in achieving a significant increase in the transit of LNG carriers, container ships, car carriers and dry bulk carriers," the canal administration chief said in a statement.

source: reuters.com