(3 minutes read)
- The annual revenues of Egypt’s Suez Canal Authority reached US$6.3 billion last year, the highest in its history, according to the Canal Authorities
- This was revealed by head of the Suez Canal Authority, Admiral Ossama Rabei
- The revenues in 2021 were 12.8% higher compared to the previous year
The annual revenues of Egypt’s Suez Canal Authority reached US$6.3 billion last year, the highest in its history, according to the Canal Authorities. This was revealed by the head of the Suez Canal Authority, Admiral Ossama Rabei. The revenues in 2021 were 12.8% higher compared to the previous year.
Traffic on the waterways last year increased by 10% reaching over 20, 000 vessels. The canal witnesses over 10% of the global trade passing through its narrow waterways helping ships to save time and cost. Importantly, over 7% of global trade in oil passes through the canal. The canal connects the Mediterranean and Red Seas.
It may be recalled that in March last year, the canal was blocked for six consecutive days when a massive container ship, the Ever Given, ran aground. The disruption caused chaos in global supply chains. The vexatious issues were amicably sorted out by an Egyptian Court, by asking the ship owner to give damages for the disruption caused. There were different versions as to how the incident had taken place.
