Suez Canal achieves the highest returns in its history

Lieutenant-General Osama Rabie, Chairman of the Suez Canal Authority said that the fiscal year 2021/2022 witnessed a significant increase in the number of ships transiting the canal, with a total of 22032 ships, compared to 19047 ships transiting during the 2020/2021 fiscal year, a difference of 2,985 ships with an increase of 15.7%.

Rabie explained that the significant increase in the revenues of the Egyptian Suez Canal is a reflection of the global changes that led to an increase in the gains achieved by the Suez Canal compared to alternative ways in light of the high prices of chartering ships and freight, the rise in oil prices and the change in the map of global trade as a result of the Russian-Ukrainian war.

The Suez Canal is the shortest shipping route between Europe and Asia, and its revenues are one of the most important sources of income and foreign currency for the Egyptian economy.

During the year 2021/2022, the channel’s revenues increased by 20.7% to reach about $7 billion, compared to about $5.8 billion in the previous year.

The number of ships transiting the Suez Canal also increased by 15.7%, registering about 22,000 vessels, compared to 19,000 vessels in the previous year.

The net tonnage passing through the canal increased by 10.9%, to reach 1.32 billion tons, compared to 1.19 billion tons in the previous year.

Container ships ranked first among ships transiting the canal, in terms of tonnage volume, while dry bulk ships ranked second, and oil tankers ranked third.

The canal had witnessed multiple expansion and development works, most notably the opening of the new Suez Canal, which helped increase the capacity of the number of ships transiting the canal. The privileges that the canal provides to ships transiting through it made it an important destination for international companies