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Egypt’s Suez Canal sets record revenues of $6.3 billion in 2021

Canal’s revenues rose by 12.8% in 2021. Egypt’s Suez Canal revenues hit an all-time high, recording $6.3 billion in 2021, according to the Egyptian authorities on Sunday.

In a statement, the Suez Canal Authority (SCA), the government body that runs the waterway, said the canal’s revenues rose by 12.8%, a $720 million increase from 2020 when the international waterway brought in $5.6 billion in revenues.

SCA chairman Osama Rabie said the canal saw 20,694 ships crossing from both directions compared to 18,830 ships in 2020, a 10% increase.

The Suez Canal recorded a total net tonnage of 1.27 billion tonnes during 2021, an increase of 8.5% from 1.17 billion tonnes in 2020, he added.

In March 2021, navigation in the Suez Canal was interrupted when the giant shipping vessel Ever Given ran aground and blocked the waterway for nearly six days.

The incident disrupted the global shipping movement and halted the passage of hundreds of ships from the canal, incurring losses estimated between $12-15 million each day during the canal closure.

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