Suez Canal revenues grow 11.6% to $ 4.1 billion in 8 months

Suez Canal revenues grew 11.6% during the first eight months of questyear, registering $ 4.1 billion, compared to $ 3.7 billion in the same period last year.

The head of the Suez Canal Authority, Lieutenant General Osama Rabie, said in his speech during President Abdel Fattah El-Sisi’s inauguration of a series of national projects in the Suez Governorate, that the number of ships that crossed the canal from January to August In 2021 there were 13.3 thousand ships, compared to 12.5 thousand ships in the same period of the year, last year with an increase of 6.7%.

In his speech broadcast on Egyptian television, he added that the total net tonnage increased by 7% over the period to 826.1 million tons, up from 772.2 million tons in the same period last year.

During fiscal year 2021/2020, the Suez Canal achieved the highest annual revenue in its history, amounting to $ 5.84 billion, compared to $ 5.72 billion in the previous fiscal year.

Lieutenant General Osama Rabie, head of the Suez Canal Authority, said: “Despite various challenges, the canal has seen a big boom recently.”

Rabie highlighted the success of the authority’s flexible marketing and pricing policies in maintaining the rate of ships crossing the channel and gaining customer trust, noting that these policies helped attract 2,519 ships in the first half of 2021, with these policies alone achieved a turnover of $ 620.1 million.

He continued: “The incentives and reductions granted have also played a leading role in achieving a significant boom in the increase in transit rates of LNG ships, container ships, trucks and dry bulk carriers in the period January to June 2021. “.

He explained that LNG tankers increased by 24%, container ships increased by 9.7%, while the number of haulers increased during that period by 27.8% and bulk carriers increased by 5% during that period.

The head of the Authority stressed that the Suez Canal bears in mind the continuation of the efforts made to maintain the leadership position of the channel and the fulfillment of its global role, appreciating the efforts of all employees of the authority in the past period to overcome various challenges, expressing the hope that the rates of performance by the end of the calendar year in course will register record unregistered, unprecedented in terms of number of ships in Transit, tonnage and generated revenues.

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