Egypt’s Suez Canal reports record revenue despite blockage crisis

Head of the Suez Canal Authority says waterway netted highest revenues in the history of the canal.

The Suez Canal netted Egypt a record $5.84 bn in the last tax year, its chief said on Sunday, despite the coronavirus pandemic’s effect on world trade as well as a six-day blockage of the busy waterway by a giant cargo ship. “Despite various challenges, revenues from the canal rose sharply” in the fiscal year ending June 30, said Osama Rabie, head of the Suez Canal Authority (SCA). Authorities netted “the highest revenues in the history of the canal, hitting $5.84 billion”, more than two percent up from the previous year, he said in a statement.