Suez Canal Revenue Hits A High Peak

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Egypt’s Suez Canal revenue hit a record high of $7 billion in the financial year to June 30 says Reuters.

  • Revenue coming off the Suez canal hit a high record this financial year.
  • This is a huge comeback after the previous financial year which was hit by the pandemic.

Figures

This rate is 20.7% higher than the last year as told by the Canal Authority Chairman Osama Rabea on Monday. A statement from the authority said the rise to an increase in vessel numbers and cargoes, with total cargoes reaching a record high of 1.32 million tonnes, up 10.9% from 2020/21. 22,032 vessels are transiting the canal. It has risen by around 15.7%.

The Route

The Canal is the fastest shipping route for movement between Europe and Asia. It is also one of the main sources of income for the Egyptian government in terms of its foreign currency.

Expansion

A 2015 expansion of the canal led to a limited rise in revenue and a further expansion is due to be completed in 2023. The second expansion was announced after the Ever Given cargo ship was grounded in the canal for six days in March last year, disrupting global trade.

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Source: Reuters

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