The Suez Canal achieves a historic turnover in 2021

EGYPT. With $6.3 billion (€5.57 billion) in revenues generated in 2021 (compared to $5.6 billion in 2020), the Suez Canal Authority (SCA) has achieved a record turnover never before achieved in its history, according to Georges Safwat. The SCA spokesman said that 20,694 ships, or more than fifty-six ships per day, transited through the famous maritime route linking the Red Sea and the Mediterranean, 10% more than the previous year. They transported nearly 1.3 billion tonnes of goods.

Up by 12.8% compared to 2020, the passage fees of these ships represented about 3% of Egypt’s Gross National Product. In 2022, the Egyptian state-owned SCA has decided to increase these fees by 6% for most ships.

This excellent result comes at a time when the pandemic has slowed down transport activity around the world and the Suez Canal has suffered a total blockage of six days in March 2021. After a false manoeuvre, the container ship Ever Given, owned by the Taiwanese shipowner Evergreen, completely paralysed traffic, causing huge maritime traffic jams, the diversion of 400 ships and a loss of turnover estimated at between $12 and $15 million per day (€10.6 to 13.3 million). The insurer Allianz calculated that the blockade had cost between $6 and $10bn (€5.3 to 8.8bn) to world trade.

The case ended, after a three-month detention of the offending vessel (protective arrest) in Egypt, with its departure on 7 July 2021 thanks to an indemnity agreement allowing SCA to pocket $540m (€477.7m) in compensation. In addition to the loss of revenue, this payment also covered the cost of rescuing Ever Given and the damage to the canal caused by its grounding.