CAIRO: Egypt’S Suez Canal recorded the highest annual revenue in its history in the year ending June 2021 despite the grounding of the Ever Given container ship in March.
Revenues rose to $5.84 billion, compared to $5.72 billion in the year-earlier period, the Suez Canal Authority (SCA) said in a filing.
Some 9763 ships navigated through the key waterway from January to June 2021, compared to 9546 ships during the same period last year, said SCA Chairman, Osama Rabie.
Net shipping loads passing through the canal gained 3.8 percent during the first half of this year — amounting to 610.1 million tons, compared to 587.7 million tons during the same period last year, he said. The number of liquefied natural gas carriers passing through the waterway increased by 24 percent, container ships rose by 9.7 percent, the number of car carriers increased by 27.8 percent, and dry bulk vessels rose by 5 percent.
“The flexible marketing and pricing policies pursued by the authority succeeded in maintaining the rates of ships crossing the canal and gaining the confidence of customers,” said Rabie.
The Ever Given container ship became wedged in the waterway in March for almost a week, halting all traffic in either direction and causing global supply chain disruption.
Suez Canal revenues hit a record high
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Suez Canal revenues hit a record high
- Net shipping loads passing through the canal gained 3.8 percent during the first half of this year
DP World announces new leadership appointments
DUBAI: DP World announced the appointment of Essa Kazim as Chairman of its Board of Directors and the appointment of Yuvraj Narayan as Group Chief Executive Officer.
Essa Kazim currently serves as Governor of the Dubai International Financial Centre and Chairman of Borse Dubai. He brings extensive experience in financial and economic affairs, having previously held senior leadership positions in several national institutions.
Yuvraj Narayan has extensive professional experience in financial management, corporate finance, supply chains, and global trade. Since joining DP World in 2004, he has led a number of strategic and transformational initiatives that supported the company’s expansion across international markets and strengthened its role as an integrated global provider of end-to-end supply chain solutions.
Narayan has served as Group Chief Financial Officer since 2005, contributing to the company’s financial resilience and operational efficiency.
DP World affirmed that the new appointments support its strategy for sustainable growth and reinforce its role in strengthening global supply chains and supporting Dubai’s position as a leading hub for trade and logistics.
