Egypt's Suez Canal to offer incentives for eco-friendly ships
The Canal announced on Sunday that its annual revenues were $6.3 billion last year, the highest in the vital waterway's history.
Egypt's Suez Canal Authority (SCA) intends to offer financial incentives to ships that adhere to environmentally friendly standards, according to the Egyptian daily El Watan, citing a TV interview with SCA Chairman Osama Rabieh.
The Suez Canal in Egypt announced on Sunday that its annual revenues reached $6.3 billion last year, the highest in the waterway's history. The Suez Canal Authority's Head, Admiral Osama Rabei, said last year's revenues increased 12.8 % to 2020 when the canal earned $5.6 billion.
He stated in a statement that 20,649 vessels passed through the Suez Canal last year, a 10% increase from 18,830 vessels in 2020.
The Suez Canal, which connects the Mediterranean and Red seas, carries about 10% of global trade, including 7% of global oil. The canal, which first opened in 1869, provides Egypt with both national pride and foreign currency. The unprecedented 2021 revenues came as the shipping industry is still reeling from the effects of a two-year coronavirus pandemic.
The canal, one of the world's most important waterways, was closed for six days in March after a massive Panama-flagged container ship, the Ever Given, ran aground in the waterway's single lane.