Back to the complete issue
Monday, 4 January 2021

2020 wasn’t a complete disaster for the Suez Canal

Suez Canal revenues dipped 3% in 2020 to USD 5.61 bn compared to USD 5.8 bn in 2019, the Suez Canal Authority said in a statement yesterday. The canal recorded its second-highest annual net tonnage last year at 1.17 bn tonnes from over 18k ships crossing the canal.

Incentives and reductions the authority introduced last year to counter the global trade slowdown due to covid-19 will extend into 2021, Chairman Osama Rabie said. LNG, LPG, and oil carriers will receive reductions on their Suez Canal transit fees between 30-75%. Transit fees for all ships will be fixed in 2021 at the same price as the previous year as another initiative to spur movement across the canal. Rabie said that these marketing policies had helped to protect much of the canal’s shipping volumes and revenues during the pandemic.

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2022 Enterprise Ventures LLC.

Enterprise is available without charge thanks to the generous support of HSBC Egypt (tax ID: 204-901-715), the leading corporate and retail lender in Egypt; EFG Hermes (tax ID: 200-178-385), the leading financial services corporation in frontier emerging markets; SODIC (tax ID: 212-168-002), a leading Egyptian real estate developer; SomaBay (tax ID: 204-903-300), our Red Sea holiday partner; Infinity (tax ID: 474-939-359), the ultimate way to power cities, industries, and homes directly from nature right here in Egypt; CIRA (tax ID: 200-069-608), the leading providers of K-12 and higher level education in Egypt; Orascom Construction (tax ID: 229-988-806), the leading construction and engineering company building infrastructure in Egypt and abroad; Moharram & Partners (tax ID: 616-112-459), the leading public policy and government affairs partner; Palm Hills Developments (tax ID: 432-737-014), a leading developer of commercial and residential properties; Mashreq (tax ID: 204-898-862), the MENA region’s leading homegrown personal and digital bank; Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt; Hassan Allam Properties (tax ID:  553-096-567), one of Egypt’s most prominent and leading builders; and Saleh, Barsoum & Abdel Aziz (tax ID: 220-002-827), the leading audit, tax and accounting firm in Egypt.