The Columbus Dispatch

Suez Canal revenues hit all-time record at $6.3B

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CAIRO – Egypt’s Suez Canal said Sunday its annual revenues reached $6.3 billion last year, the highest in the crucial waterway’s history.

Admiral Ossama Rabei, head of the Suez Canal Authority, said last year’s revenues rose 12.8%, compared to 2020, when the canal achieved $5.6 billion.

He said in a statement that 20,649 vessels flowed through the Suez Canal last year, an increase of 10% compared to 18,830 vessels in 2020.

About 10% of global trade, including 7% of the world’s oil, flows through the Suez Canal, which connects the Mediterran­ean and Red seas. The canal, first opened in 1869, is source of national pride and foreign currency to Egypt.

The unpreceden­ted 2021 revenues came as the shipping industry is still under pressure from two years of the coronaviru­s pandemic.

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