Despite Ever Given Incident, Suez Canal Revenue Touches Its Highest
Despite the Ever Given blocking the Suez Canal in March 2021, impacting global trade, the canal hit revenue of $6 billion from January until the first half of December. This was confirmed by the Suez Canal Authority chair, Osama Rabie, on Sunday. He mentioned that it was the highest-ever revenue during this period.
About 12% of the trade volume in the world passes through the man-made Suez canal, also Egypt’s significant source of hard currency.
The Suez Canal is a lifeline for seaborne trade as it permits vessels to travel between South Asia and Europe without navigating via Africa, reducing sea voyage distance between India and Europe by at least 7,000 km.