Suez Canal announces record profits

Egypt's Suez Canal Authority announced on Sunday its annual revenues reached 6.3 billion dollars last year, the highest in its history.

The head of the Suez Canal Authority, Admiral Ossama Rabei, said that in 2021 revenues were 12.8% higher compared to 2020.

In a statement, the Admiral added that traffic on the waterway last year increased by 10% reaching over 20 000 vessels.

About 10% of global trade, including 7% of the world’s oil, flows through the Suez Canal, which connects the Mediterranean and Red Seas.

In March the canal was blocked for six days when a massive container-ship, the Ever Given, ran aground in the single lane stretch of the waterway causing chaos in supply chains.