Suez Canal Observes Record Revenue Despite Ever Given Blockage
On Sunday, the chief of the Suez Canal Authority (SCA) said that the Suez Canal had netted Egypt a record $5.84 bn in the fiscal tax year despite the pandemic’s effect on trade and the six-day blockage of the waterway by a gigantic container ship.
The head of the SCA, Osama Rabie, said that despite challenges, revenues from the canal had risen exponentially in the fiscal year ending June 30.
Authorities had netted the highest revenues in the history of the canal, touching $5.84 billion, up from more than two per cent last year. The SCA’s flexible pricing policies and marketing helped to maintain a good traffic rate throughout the canal. But the period was far from plain sailing.
The statement reached four days after MV Ever Given, which had blocked one of the busiest maritime lanes had finally steamed away after its owners and Cairo had reached a compensation deal.
The 200,000-tonne ship had become wedged across the canal on March 23, blocking a crucial passage from Asia to Europe, hampering global maritime trade and also providing Egypt with revenues.
It was refloated after six days, following a salvage operation that had witnessed an SCA employee getting killed. Egypt that takes a toll from vessels passing through the canal, said that the crisis had impacted it about $15m per day. Maritime insurers had estimated that the cost to world trade would be in billions.
The SCA has said that about 9,763 ships had passed through the Suez Canal in the first six months of 2021. The number was two per cent more than what was reported during the same period last year.
The SCA has reported that nearly 19,000 ships had passed through the canal in 2020 with an average of 50 days.