Mon, 24 Jan 2022

CAIRO, Egypt: One of the most important shipping lanes worldwide -- the Suez Canal -- has reported all-time high revenues amounting to $6.3 billion in 2021, according to the Suez Canal Authority, in a statement released on January 2.

Admiral Ossama Rabei, heading the Canal Authority, noted that the canal witnessed increased revenues of 12.8 percent in 2021, in comparison to $5.6 billion generated in 2020.

Rabei said that the number of ships that used the canal increased to 20,649 during the past year, a ten-percent jump from 18,830 transiting in 2020.

The Suez Canal accounts for some ten percent of the world's maritime trade, including the transport of seven percent of the world's oil supplies. The Suez Canal, which opened in 1869, is a matter of immense pride for Egypt, as well as being among its key sources of foreign currency reserves.

The record breaking revenues in 2021 was reported as the maritime industry continues to be encumbered by the COVID-19 pandemic that has continued for 24 months.

A six-day blockage of the Suez Canal occurred during the spring 2021 following the grounding of the large cargo vessel flying the Panama flag -- the Ever Given -- in the canal's south segment.

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