Suez Canal Authority Records Highest Ever Revenue

Between the 23rd and 29th of March, the Suez Canal was heavily obstructed, thereby affecting the movement of commodities. In spite of this, Suez Canal has announced its highest revenue ever. 

Osama Rabie, the Head of the Suez Canal Authority announced on Sunday that the revenue recorded for the year just ended is the highest in the history of the establishment. 

At a total of $6.1bn for the year 2021, Rabie said the largest annual net tonnages were recorded in the year with over a 1.27billion tonnes of goods transported through the canal, surpassing its previous best record. 

He added that the canal saw 20,694 ships crossing from both directions in comparison to 18,830 in 2020, a 10% rise in the number of ship movements. Rabie added that the canal recorded 1.17 billion tonnes in 2020, which was 8.5% lower than what’s recorded in 2021.

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Revenue increased from $5.6bn in 2020 to $6.3bn in 2021, signifying a 12.8% increase and an increase of $700 million. 

Navigational reports for the year ended also indicated a significant increase of rates of transit of different ships. Liquefied Natural Gas carriers increased from 686 ships in 2020 to 937 in 2021. 

There was an increase of 10.1% in container ships, as 5,186 ships moved in 2021 through the canal in comparison to 4,710 recorded in 2020. Bulk ships also had a significant movement in the year under review with a 15.3% increase. 

Transiting bulk ships played a significant role in helping to increase the revenue from the Suez Canal as the highest rate of ship movement was recorded despite the six-day obstruction by the Evergreen, a 1300-ft vessel. 

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A total cargo volume of 83.5million tonnes was also reported, as Suez Canal brings to fore, the importance of the maritime sector to national economy.

The Suez Canal Authority had reported an increase of 8.8% in revenue in the first half of 2021 despite recording an estimated loss of $15million everyday for the six days of the obstruction of the canal. 

The canal is one of the busiest routes in the world.  

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