Suez Canal revenues reach a record US$5.84 billion

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How much does the Suez Canal earn each year? Egypt’s Suez Canal revenues rose to a record $5.84 billion in its 2020-21 (July-June) fiscal year, up from $5.72 billion a year earlier, the Suez Canal Authority said Sunday.

The Authority also said canal revenues in the first six months of this year rose to about $3 billion, up from $2.76 billion in the same period last year, despite the grounding incident of the container ship Ever Given in March.

The Ever Given blocked the canal for six days in March and disrupted global trade. It was allowed to leave the canal earlier this month after the Authority reached a settlement with its owner and insurers.

The compensation claim filed by the Authority in an Egyptian court was stayed on Sunday following the settlement, according to judicial sources.

The number of ships passing through the Suez Canal increased in the first half of 2021 to 9,763 vessels, up from 9,546 in the same period last year, according to the canal authority.

About 15% of the world’s maritime traffic passes through the Suez Canal, the shortest shipping route between Europe and Asia. It is an important source of foreign exchange for Egypt.

Following the grounding of the Ever Given, the canal authority has accelerated a plan to widen and deepen the southernmost section of the canal, where the grounding occurred, and to extend a second lane further north that was built in the 2015 expansion.

Source gCaptain

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