Suez Canal achieves highest annual financial revenue in history, reaching $7bn in FY2021/22

Daily News Egypt
4 Min Read

Head of the Suez Canal Authority, Osama Rabie, revealed that the value of the canal’s revenues reached $7bn during fiscal year (FY) 2021/22, compared to $5.8bn during FY2020/21, an increase of $1.2bn, an increase of 20.7%.

The head of the authority said in a statement today that the navigation statistics of the canal during FY2021/22 recorded new and unprecedented records throughout its history, achieving the highest annual net tonnage and the highest annual financial revenue, exceeding all previously recorded numbers.

Rabie explained that navigational reports during FY2021/22 monitored a significant increase in the number of ships transiting the canal, as 22,032 ships transited during that period, compared to 19,047 ships during FY2020/21, with a difference of 2,985 ships, an increase of 15.7%. The total net tonnage transiting the canal increased by 1.32 billion tonnes during the fiscal year 2021/22, compared to 1.19 billion tonnes during the fiscal year 2020/2021, with a difference of 130 million tonnes, and an increase of 10.9%.

Rabie stressed that the unprecedented record results recorded by the trade movement transiting the Suez Canal during the fiscal year are the culmination of the success of the marketing policies pursued by the authority in attracting new shipping lines to cross from the Suez Canal.

The head of the authority stressed that successive global crises proved beyond any doubt the leadership of the Suez Canal and its importance to ensure the stability and sustainability of global supply chains as the fastest, shortest and safest navigational routes.

He added that this success came as a result of strategic planning, hard work, and continuous development of the navigation course, starting with the new canal project, all the way to ongoing project to develop the southern sector.

Rabie also highlighted the increase in the rates of transit of different types of ships of the world fleet through the Suez Canal in FY2021/22, pointing out that container ships transiting the canal were the most important categories of ships.

Furthermore, he said that 5,520 container ships transited the canal with a total net tonnage of 638,000 tonnes, achieving revenues of $3.4bn, which is explained by the fact that many shipping lines have added new navigational services through the canal.

He pointed out that dry bulk vessels came in second place as the most important category of vessels transiting the canal, noting that 6,327 bulk vessels transited the canal with a total net tonnage of 254,000 tonnes, achieving revenues of $1.3bn.

This increase comes in light of the growth of coal trade across the canal, especially to Europe to compensate for the shortage of Russian supplies to these countries.

He added that oil tankers ranked third in terms of their relative importance, as 5,451 oil tankers passed through with a total net tonnage of 236,000 tonnes, achieving revenues of $1.2bn, affected by the improvement in demand for crude oil with the recovery of major economies.

About 886 liquefied natural gas tankers also transited the waterway with a total net tonnage of 97,000 tonnes, achieving revenues of $435m.

This is in addition to 1,959 general cargo ships, 966 car carriers, and 60 passenger ships.

It is worth noting that the navigation statistics during FY2021/22 recorded the highest monthly revenues in the history of the canal during the months of June and May 2022, and that the months of April and May of the current FY year recorded the highest monthly net loads throughout the history of the canal.

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