Suez Canal Sees Rise in Revenues

Egypt’s annual revenue from the Suez Canal has gone up by 12.4 % to $4.9 billion from the beginning of the year to October 12, head of the authority, Osama Rabie, said. The first eight months of the year also saw an 11.6 % growth in the Canal’s revenue. “The number of ships that crossed the canal from January to August 2021 amounted to 13,300 ships, compared to 12,500 ships for the same period last year, a growth of 6.7 %,” Rabea explained.

The Canal is prepared to face changes in the global trade movement, the head added, referring to the ongoing area development project. This comes a few months after the Suez Canal was blocked by the 400-meter long megaship Ever Given in March, preventing an estimate of US$9.6 billion worth of trade.