Middle East

Egypt’s Suez Canal Network Revenues $ 6.3 Billion Last Year

The unprecedented 2021 revenue came from the shipping industry being under pressure from a two-year coronavirus pandemic.

The Suez Canal is a coveted source of foreign currency for Egypt. (Reuters)

Egypt’s Suez Canal Authority states that despite a six-day blockade by a coronavirus pandemic and the giant freighter Evergiven, major waterways made record profits last year.

Suez Canal Authority (SCA) Secretary Osama Rabbie set a new record high in 2021 with approximately 1.27 billion tonnes of cargo passing through the canal, earning $ 6.3 billion in transportation costs, up 13% from the previous year. He said he did.

The number of vessels using the canal increased from 18,830 in 2020 to 20,694 in 2021, exceeding 56 vessels per day.

The canal connecting the Red Sea and the Mediterranean accounts for about 10% of the world’s maritime trade and is a coveted source of foreign currency for Egypt.

In November, SCA announced that it would increase transit fees by 6% from 2022, but tourist vessels and liquefied natural gas carriers are exempt.

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2021 loss

In March, during a sandstorm, a giant Ever Given Supertanker with a deadweight tonnage of 199,000 was stuck diagonally across the canal.

The 24-hour rescue operation took six days to remove, and one SCA employee died during the rescue operation.

According to the SCA, Egypt lost about $ 12 to $ 15 million daily during the closure of the canal.

Evergiven returned safely through the canal in August without any problems.

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Source: TRT World and distributors

https://www.trtworld.com/business/egypt-s-suez-canal-nets-record-6-3-billion-revenue-last-year-53231?utm_source=other&utm_medium=rss Egypt’s Suez Canal Network Revenues $ 6.3 Billion Last Year

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