Suez Canal posts second-highest monthly revenue

The Suez Canal Authority has posted May revenues of $530 million, the second-highest monthly revenue in the authority’s history.

Osama Rabie, head of the authority, said that it is prepared to confront any crises, and that a strategy has been prepared to handle repercussions of the pandemic.

He added that 1,712 ships transmitted through the canal during May, compared to 1,602 during the same month last year, an increase of 9.6 percent.

Tonnages amounted to 10.6 million in May, compared to 9.94 million tons during the same period last year, an increase of 11.8 percent.

Rabie stressed that these improvements attracted praise from trade bodies such as the Baltic and International Maritime Council, Sea Trade, Forbes, and Argos. The groups have lauded the authority for attracting container ships and gas and oil tankers coming from the East American coast in the direction of Asia.

He pointed out that the authority will always be a pioneer in adopting the latest methods and techniques of management and operation, as well as applying the mechanisms of integration between all elements of maritime transport.

Rabie said: “The Suez Canal Authority has prepared all scenarios to confront any emergency crises, which was clearly demonstrated when facing the coronavirus pandemic, which hit global trade and economic movement at the beginning of 2020, and negatively affected all areas related to international navigation and maritime transport in general, but this negative impact has been kept to a minimum thanks to an integrated proactive strategy prepared by the canal.”
Source: Arab News