Suez Canal Revenues & Cargo Reach New All-Time High In 2021
The Chairman of the SCA (Suez Canal Authority) stated that the Canal has achieved its highest revenue on record, bringing in USD6.3bn. This represents a 13% increase over 2020. Cargo passing through the canal also reached a new all-time high of 1.3bn tons, an increase of around 9% over 2020, compared with only 3.7% growth in the volume of global freight transported by sea. Another notable operating statistic for the Canal shows that the number of LNG carriers passing through rose by about 37% in 2021. It is worthy to note that about 7% of the world’s oil, and 12% of all international trade, flows through the Suez Canal.
The Chairman of the SCA attributed this remarkable growth to the flexible and adaptive pricing and marketing policies implemented by the Canal. These results came amid the Covid pandemic’s negative effects on international trade, as well as the setback incident of March 2021, when the Ever Given ship ran aground and blocked the waterway for a few days.
He also said that the SCA intends to realign its procedures and mechanisms with the International Maritime Organization’s new environmental preservation directives, including offering incentives to ships that are environmentally friendly. There are plans to further incorporate renewable energy as well, with the ultimate goal of making the Suez Canal a ‘green’ waterway.
(Source: Reuters (English), Associated Press (English), France 24 (English) (Arabic), Xinhua (English), al-Ahram (English) (Arabic), Daily News Egypt (English), Egypt Today (English), Egypt Independent (English), See News (English), al-Sharq al-Awsat (English) (Arabic), Arab News (English), Mena FN (English), Suez Canal Authority, al-Maal, Amwal al-Ghad, al-Borsa News, al-Youm al-Saabe, al-Masry al-Youm, al-Shurouk, al-Watan, al-Dustour, Masrawy, CNBC Arabia, al-Sharq Business, al-Arabiya, Sky News Arabia, CNN, Sputnik)