The Suez Canal Authority in Egypt announced that the canal’s navigation statistics for the 2021/2022 financial year recorded “new and unprecedented records in the canal’s history.”

The head of the Suez Canal Authority, Lieutenant General Osama Rabie, said that according to the canal’s navigational statistics, “the highest annual net tonnage for the fiscal year of 1.32 billion tons was achieved, and the highest annual financial income was $ 7 billion, which exceeds all previously recorded numbers.

He added that “nautical reports for the 2022/2021 financial year track a significant increase in the number of vessels passing through the canal, as 22,032 vessels crossed the canal during this period compared to 19,047 vessels transiting during the 2020/21 financial year, with a difference of 2,985 vessels, an increase of 15.7%, while the total net tonnage of the canal is 1.32 billion tons in fiscal year 2021/22 compared to 1.19 billion tons in fiscal year 2020/21, a difference of 130 million tons, an increase of 10.9%.

He added: “The growth in the number and tonnage of ships transiting the canal during the 2021/2022 financial year has contributed to the canal’s strong growth in dollar-denominated revenues and the highest annual financial return in the canal’s history. by $7 billion compared to $5.8 billion in fiscal year 2020/2021, an increase of $1.2 billion i.e. by 20.7%.

He believed that “these unprecedented record results recorded by the trade movement passing through the Suez Canal during the financial year are the culmination of the success of the marketing policy pursued by the authorities to attract new shipping lines to cross the Suez Canal, and reflect some of the global variables that led to increase in savings achieved by the Suez Canal compared to alternative methods in light of high ship charter and transport costs, rising oil prices and the changing world trade map. as a result of the Russian-Ukrainian war.