Economics & Finance

Suez Canal brings highest ever transit profit in 2021

by Azerbaycan24

Egypt’s Suez Canal Authority said the key waterway netted record revenues last year, despite the coronavirus pandemic and a six-day blockage by giant cargo ship the Ever Given, Report informs, citing France 24.

Connecting the Red Sea and the Mediterranean, the canal accounts for roughly 10% of global maritime trade and is a source of much-needed foreign currency for Egypt.

In 2021, some 1.27 billion tons of cargo were shipped through the canal, earning $6.3 billion (5.5 billion euros) in transit fees, 13% more than the previous year and the highest figures ever recorded, Suez Canal Authority (SCA) chief Osama Rabie said.

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