Suez Canal revenues estimated to rise by 10% in FY2021/22

CAIRO – 5 August 2021: Chairman of the Suez Canal Authority Osama Rabie stated Wednesday in a phone-in that the revenues of the international waterway in FY2021/2022 are estimated to rise by 10 percent compared to FY2020/2021.

In spite of the COVID-19 pandemic, the Suez Canal was able to achieve a profit margin of eight percent while other waterways endured losses of 40 percent, Rabie noted. He added that such success is attributed to the 17-75 percent discounts offered, which had attracted more ships to cross through Egypt.

The official pointed out that the Suez Canal accomplished revenues worth $530.7 million in FY2020/2021 with a hike of 20.7 percent compared to the precedent fiscal year as the number of ships crossing rose by 17 percent.  

The Suez Canal chairman that the authority even contacts ships that change their pathways to know the reasons and offers them good discounts that are decided in consideration with distance, fuel consumption, and number of individuals hired.

Rabie pointed out that in the near future, ships will be seeking the Canal not just to cross but for trade purposes either. That is because of the ongoing infrastructure revamp the waterway is subject to, including the logistics zone.

The Suez Canal chairman added that ships heading to Eastern Port Said will be given special discounts and incentive packages.