Browsing: Suez Canal’s President

  • The Suez Canal earns Egypt about US$6 billion to the country every year.
  • In 2021, 1.27 billion tonnes of cargo were shipped through the canal.
  • Egypt lost between US$12 million and US$15 million worth of revenues every day when the canal was blocked by a huge container ship from Panama the Ever Given.

In a report released on January 1, 2020, annual revenue generated from Egypt’s Suez Canal has hit a record high of US$6.3 billion.

The Suez Canal’s President, Admiral Osama Rabei, stated that revenues had increased by 12.8 per cent compared to US$5.6 billion in 2020.

Rabei reported that 20,649 vessels passed through the canal last year, a 10 per cent increase from the 18,830 vessels that passed through in 2020.

Read: Ghana, Nigeria digital currencies sabotaging West Africa’s Franc

The 2021 record-breaking revenues come at a time when the shipping industry is still experiencing the pressure exerted …