Revenues of Egypt’s Suez Canal hit US$5.61 billion in 2020

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The revenues of Egypt’s Suez Canal reached 5.61 billion U.S. dollars in 2020, Chairman of the Suez Canal Authority (SCA) Osama Rabie said on Sunday.

This is the third highest annual revenue reported in the history of the Suez Canal, Rabie said in a statement, noting that it was uneasy to reach this record amid the coronavirus-caused decline in global trade and economic movement.

In 2019, the revenues of the Suez Canal reached 5.8 billion U.S. dollars, the highest ever record.

He revealed that 18,829 ships with a net tonnage of 1.17 billion tonnes passed through the canal during 2020, stressing that the records reflect the flexibility of the SCA in dealing with crises caused by the pandemic.

Meanwhile, Rabie also announced that the Suez Canal transit tolls for all types of vessels will remain unchanged in 2021.

The Suez Canal is a major lifeline for global seaborne trade since it allows ships to travel between Europe and South Asia without navigating around Africa, thereby reducing the sea voyage distance between Europe and India by about 7,000 km.

Some 12 percent of the world trade volume passes through the man-made canal, which is a major source of hard currency in Egypt.

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