Suez Canal Profits in One Year

The Chairman of the Suez Canal Authority in Egypt, Lieutenant General Osama Rabie, presented a report on maritime traffic in the canal during the years 2020/2021 and 2021/2022. He explained that the number of ships that transited the canal in 2020/2021 was 19,000, which increased to 21,000 in 2021/2022, representing a 15% increase. Rabie stated during a meeting of the Transport and Communications Committee in the House of Representatives on Thursday, chaired by MP Alaa Abed, that the Authority's profits during 2020/2021 amounted to $5.8 billion and rose to $6.9 billion during the current year 2021/2022. Rabie indicated that canal transit fees change from year to year, adding that 2022 saw a 6% increase in fees for all types of ships, amounting to $105.9 million. He pointed out that the Russian war on Ukraine had negative effects on global trade, but also positive effects, including increased oil trade from the Gulf to European countries via the Suez Canal, in addition to rising crude oil prices, which prompted ships to transit the canal as it is the shortest route.