Suez Canal revenues hit all-time record at $6.3 billion

CAIRO (AP) — Egypt’s Suez Canal says its annual revenues reached $6.3 billion last year, the highest in the crucial waterway’s history. Admiral Ossama Rabei, head of the Suez Canal Authority, says last year’s revenues rose 12.8%, compared to 2020, when the canal achieved $5.6 billion. He says that 20,649 vessels passed through the Suez Canal last year, an increase of 10% compared to 18,830 vessels in 2020. About 10% of global trade, including 7% of the world’s oil, sails through the Suez Canal. The unprecedented 2021 revenues came as the shipping industry is still under pressure from the coronavirus pandemic.