Egypt’s Suez Canal revenues exceed all-time record at $6.3B

Egypt’s Suez Canal announced Sunday that its annual revenues exceeded all-time records to reach $6.3 billion last year, despite the coronavirus pandemic and a six-day blockage crisis by giant cargo ship the Ever Given.

Connecting the Red Sea and the Mediterranean, Suez canal accounts for about 10% of world maritime trade and is key source of foreign currency for Egypt.

In 2021, some 1.27 billion tons of cargo were shipped through the canal, earning $6.3 billion (5.5 billion euros) in transit fees, 13% more than the previous year and the highest figures ever recorded, Suez Canal Authority (SCA) chief Osama Rabie said.

The unprecedented 2021 revenues came as the shipping industry is still under pressure from two years of the coronavirus pandemic.