Suez Canal revenue growth 11.6% in 8 months

Suez Canal revenues grew by 11.6% during the first eight months of 2021 to record $4.1 billion, compared to $3.7 billion in the same period last year.

According to Arabiya Net, the head of the Suez Canal Authority, Lieutenant-General Osama Rabie, in his speech during President Abdel Fattah El-Sisi's inauguration of a number of national projects in Suez Governorate, said that the number of The ships that crossed the canal from January to August 2021 amounted to 13.3 thousand ships, compared to 12.5 thousand ships for the same period last year, a growth of 6.7%.

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

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

General Osama Rabie, head of the Suez Canal Authority, said: Despite the various challenges, the canal has witnessed a major boom recently.

Rabie pointed out the success of the flexible marketing and pricing policies adopted by the authority in maintaining the transit rates of ships in the canal and gaining the confidence of customers, noting that these policies contributed to attracting 2519 ships during the past year. In the first half of 2021, these policies alone will generate revenues of $620.1 million.

He continued: The incentives and discounts granted also played a significant role in achieving a significant boom in the increase in transit rates of LNG ships, container ships, car carriers and dry bulk ships during From January to June 2021.

He explained that liquefied natural gas carriers rose by 24%, container ships increased by 9.7%, while the number of car carriers increased during that period by 27.8%, and ships Dry casting by 5% during that period.

The President of the Suez Canal stressed that the Suez Canal bears in mind the continuation of the efforts made to maintain the canal's leading position and perform its global role, praising the efforts of all the Authority's employees during the past period to overcome the Various challenges, expressing his hope that the performance rates will witness unprecedented records by the end of the current calendar year in terms of the number of transiting ships, tonnage and revenues.