According to Central Bank of Egypt data, the canal recorded revenues of $5.7 billion in 2020
With only 2 weeks left in 2021, Suez Canal Authority chairman Lieutenant-General Osama Rabie revealed that the global trade route saw revenues of $6 billion since the beginning of the year.
According to Central Bank of Egypt data, the canal recorded revenues of $5.7 billion in 2020.
Rabie noted that navigation statistics during the month of October 2021 recorded new and unprecedented records in monthly revenues and net tonnages throughout the history of the channel.
The Suez Canal previously recorded its highest monthly tonnage in its history with 112.1 million tons passing through the canal in October 2021, it also saw revenue climb by 12.6% between January and October 25 of 2021, hitting $5.1 billion.
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In a statement released earlier today, the head of the Suez Canal Authority pointed out that the canal enjoys a special place in Egyptians’ minds, with and its projects linked to the development of the region.
The Suez Canal saw a major 6-day blockage at the end of March 2021, causing crude prices to climb then drop again, stranding over 321 vessels at both points of entry. Once freed, the ship, the Ever Given, was anchored at the canal’s Great Bitter Lake area, and was released in early July.
