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Jul 11 2022

Suez Canal on an historic high

Despite all talks of blockage and crises, the Suez Canal in Egypt achieved a turnover of USD 7 billion in 2021/2022, the highest mark for a fiscal year. This represents an increase of 20.7% compared to the USD 5.8 billion in 2020/2021, according to the report of Osama Rabie, head of the Suez Canal Authority (SCA).

 

Yet, pricing also took its toll. Egypt, which is struggling with inflation rates above 15% and the recent depreciation of the Egyptian pound by almost 20%, saw transit fees, particularly for oil and gas vessels, rising by 6% in February and by another 5 to 10% in March 2022.

 

Rabie also stated that "the navigation statistics in the canal during the fiscal year 2021/2022 ... achieved the highest annual net tonnage for a fiscal year of 1.32 billion t." He added that navigational reports during 2021/2022 monitored a clear rise in the number of vessels transiting the canal. Read more

 

Source: ITJ