Friday, December 03, 2021

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Suez Canal revenue expects to rise by 10 percent

Suez Canal revenue expects to rise by 10 percent

Cairo, Aug 6 (Prensa Latina) Suez Canal revenues will rise by 10 percent for the fiscal year 2021-22 compared to the previous period, when record collection figures were reached, an official source stated on Friday.
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The Suez Canal Authority (SCA) stressed that in the latest fiscal year, the waterway achieved 5.84 billion dollars, the highest amount in its history.

Despite the effects of the pandemic on the global trade industry, SCA Chairman Osama Rabie explained that this route had a profit margin of eight percent.

Although the canal was blocked for six days after the Ever Given container ship accident, revenue in the first half of 2021 marked a 8.6-percent increase, around three billion dollars, compared to 2.76 billion dollars collected during the same period last year, according to the SCA.

Built between 1859 and 1869, the 163-kilometer long Suez Canal is a man-made sea-level waterway, connecting the Mediterranean Sea to the Red Sea.

In May, the SCA announced the start of the dredging operations to extend a second lane that allows the two-way traffic in a southern section of the canal.

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