The Suez Canal is a remarkable feat of engineering and a vital link between the Mediterranean and Red Seas, providing a vital short-cut for the world’s maritime trade. It is a crucial global asset and has been responsible for the transportation of over 4.2 million containers since it opened in 2015. The Suez Canal Authority (SCA) has been particularly successful in handling the global transport crises of 2020, including the coronavirus pandemic and the obstruction caused by the Ever Given container ship. This has allowed them to remain profitable and they now expect to see a revenue of $8 billion by the end of the 2022/2023 fiscal year. The success of the SCA in handling these global crises has allowed them to continue to be a major source of hard currency for Egypt. By the end of the 2022/2023 fiscal year, they expect to see a revenue of $8 billion, which is 5.2% higher than the $7.6 billion they earned in the 2020/2021 fiscal year. This growth is attributed to an increase in the number of ships passing through the canal and a rise in the size of vessels transiting the canal. The Suez Canal Authority has also made a number of investments to ensure the safety and success of the canal. These investments include the construction of two new locks, the installation of an advanced navigational system, and the introduction of a new toll system. These new initiatives are expected to help the SCA to handle higher capacity and ensure the safety of vessels. The success of the Suez Canal Authority in handling the global transport crises has been remarkable and is set to continue in the coming years. Their investments and initiatives have enabled them to remain profitable and to remain a major source of hard currency for Egypt. With a projected revenue of $8 billion by the end of the 2022/2023 fiscal year, the Suez Canal Authority is well on its way to becoming one of the world’s most important waterways.
Tue. Sep 26th, 2023
