The start of the pandemic put a stop to world trade, but 2021 saw a catch-up phenomenon that benefited the Suez Canal and the coffers of the Egyptian state.
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With maritime traffic up 10% and tax revenues of 13%, the Suez Canal had a good year. The revenues generated by maritime traffic on this vital artery of world trade reached an unprecedented level in 2021. 6.3 billion dollars entered the coffers of the Egyptian state, against 5.6 billion in 2020, said on January 2, 2022 George Safwat, spokesperson for the Suez Canal Authority (SCA).
20 694 ships carrying 1.27 billion tonnes of miscellaneous cargo used it in 2021 compared to 18 830 in 2020, an average of 56 ships per day. And this, despite the blockage in March 2021 of this route by the giant container ship Ever Given, causing a major disruption of world maritime trade. The ship had come across the canal, completely blocking all traffic for six days.
In 2020, the pandemic had virtually put an end to the transport of goods. In 2021, there was a catching-up phenomenon, when many countries relaxed health restrictions, sometimes causing gigantic traffic jams in the world’s major ports.
Located between the Red Sea and the Mediterranean Sea, the Suez Canal handles around 10% of world maritime trade and represents a valuable source of foreign currency for Cairo. In November 2021, the Suez Canal Authority decided to increase the rights of way for ships by 6% from January 2022, with the exception of those carrying tourists or liquefied gas.
The Egyptian authorities have set themselves the target of doubling the canal’s revenue. To do this, they began work in 2015 to widen the northern part of the canal, which cost seven billion euros. Egyptian President Abdel Fattah al-Sisi announced in May 2021 a project to widen and deepen the canal. The development will cover the 50 kilometers of the southern part of the canal, precisely where the giant container ship, operated by Evergreen Marine Corporation, was stuck.