The Suez Canal saw record numbers in FY 2020/2021, with the canal's net tonnage soared by 51.1% to hit 1.191 million tons in FY2020/2021, compared to 788 million tons in FY2009/2010, states a recent report published by the Cabinet's Media Center.

Despite the pandemic’s effects on the global trade industry, Chairman of the Suez Canal Authority Osama Rabie states that the Suez Canal saw a profit margin of 8% while other waterways endured losses of 40%.

The Suez Canal’s revenues rose by 8.7% to reach $3 billion in H1 2021, compared to $2.76 billion in H1 2020.

Calling into one of Egypt’s news shows, Rabie states that the canal’s revenues in FY 2020/2021 are expected to rise by 10%.

In July, the Suez Canal Authority released that it saw revenues climb 2.2% to hit a record of $5.84 billion in FY 2020/2021, hitting their highest annual revenue in its history.

During the first half of 2021, the number of vessels passing through the waterway rose by 2.3% to hit 9,762 ships, gaining $2 billion in revenues for Q1 2021.

The canal’s net tonnage increased by 3.8% to 610.1 million tons in the January-June period from 587.7 million during the same period in 2020.

Interesting, April 2021 saw the canal’s highest ever monthly revenue in its history, reaching $553.6 million.

The Suez Canal saw a major 6-day blockage at the end of March, causing crude prices to climb then drop again, stranding over 321 vessels at both points of entry. Once freed, the ship, the Ever Given, was anchored at the canal’s Great Bitter Lake area, and was only recently released in early July.

The International Monetary Fund (IMF) expects the canal to generate $6.6 billion in revenue in FY2021/2022, $6.9 billion in FY 2022/2023, $7.3 billion in FY 2023/2024, and $7.6 billion in FY 2024/2025.

According to Rabie, the rise in revenue can be attributed to the 17-75% discounts provided by the Suez Canal Authority, which attracted more ships to cross through Egypt.

He also added that the authority contacts ships that change directions from the canal to learn why, and offer discounts according to distance and fuel consumption.