Record-breaking revenue and traffic for Suez Canal in 2021/22.

A Hapag Lloyd vessel crosses the Suez Canal (Hapag Lloyd)[8].jpg
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Between 2013 and 2022, the Suez Canal Authority (SCA) facilitated the passage of almost 187,000 ships with a total displacement of 11.1 billion tons. The SCA’s revenue increased by 35% in the first quarter of 2022, reaching $2.3 billion. This positive trend is expected to continue, with the SCA chair predicting revenues of $8.7 billion in 2023.

These figures demonstrate the importance of the Suez Canal as a vital trade artery for global commerce. Indeed, in the latest reported fiscal year, the channel achieved record revenues of $7 billion. This is all the more impressive given the recent challenges faced by the Canal, including the high-profile blockade of the Ever Given container ship in 2021.

To maintain this momentum, the SCA is investing in infrastructure improvements. One recent initiative is the construction of two 200-ton tugboats designed to increase the waterway’s tractive effort. These vessels are being built by Norwegian company Kongsberg Maritime at the Alexandria Shipyard.

Despite the Canal’s recent successes, however, there are some concerns about its future resilience. For instance, some experts have warned that the ongoing threat of piracy in the Red Sea could deter shippers from using the Canal. Additionally, ongoing tensions in the Middle East could pose a risk to the safe passage of vessels through the Canal. Nonetheless, the SCA is committed to ensuring the continued success of this vital trade route.

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