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Suez Canal revenues hit new record at $6.3 bn in 2021

Egypt Suez Canal Authority (SCA) said the key waterway, connecting the Red Sea and the Mediterranean, reported a record-breaking revenue of $6.3 billion in 2021 compared to $5.6 billion in 2020.

Suez Canal revenues hit new record at $6.3 bn in 2021
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Axelspace Corporation, CC BY-SA 4.0, via Wikimedia Commons

January 4, 2022: Egypt's Suez Canal Authority (SCA) said the key waterway, connecting the Red Sea and the Mediterranean, reported record-breaking revenue of $6.3 billion in 2021 compared to $5.6 billion in 2020.

Over 1.27 billion tonnes of cargo were shipped through the canal, SCA chief Osama Rabie told news agencies earlier this week.

The number of ships using the canal rose from 18,830 in 2020 to 20,694 in 2021, or more than 56 ships per day, the SCA said in a statement.

The earnings gained importance given the Coronavirus pandemic and a six-day blockage by giant cargo ship the Ever Given.

The canal accounts for roughly 10 percent of global maritime trade, and is a source of much-needed foreign currency for Egypt.

The Ever Given got stuck diagonally across the canal during a sandstorm. A round-the-clock salvage operation took six days to dislodge it, and one employee of the SCA died during the rescue operation. The Ever Given returned back through the canal safely without a hitch in August.

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