#Other Countries The Suez Canal brought in $5.84 billion (about 4.9 billion euros) in 2020-2021, the “largest” annual revenue in the history of this important route for global maritime trade based in eastern Egypt, despite being blocked in March.
“Despite various challenges, Suez Canal revenue has grown significantly during fiscal year 2020-2021 (July/June, editor’s note), rising to $5.84 billion against $5.72 billion in 2019-2020”, which That represents an increase of 2.2%, the chairman of the Suez Canal Authority (SCA), Osama Rabi, said in a statement.
Mr Rabi attributes this success to a “trade policy” and “incentive measures”, such as a reduction in rights of way, put in place by the SCA to address the slowdown in activity due to the coronavirus pandemic.
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During the first six months of 2021, maritime traffic on the route was dense, with 9,763 ships passing, or 2.3% more than the same period in 2020, specifies the public establishment in its press release.
The record comes less than a week after giant container ship Ever Given, which blocked the route in March, causing a major disruption in world maritime trade, after 100 days of stabilization. The journey resumed.
The giant ship turned its bow on the east side of the route on 23 March, completely blocking traffic for six days.
The Egyptian authorities had immobilized Ever Given in the large Amer Lake at the center of the canal, demanding compensation from the ship’s owner.
Initially, Cairo sought $916 million, before reducing the amount to $600 and then to $550 million.
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According to the SCA, Egypt lost $12 million to $15 million per day from the closure and one of its crew died while the ship was reflowing.
Situated between the Red Sea and the Mediterranean Sea, the Suez Canal handles about 10% of global maritime trade and represents a valuable source of foreign exchange for Cairo.
According to the SCA, around 19,000 ships used this route in 2020, an average of 51.5 ships per day.