Egypt nixes reports that Suez Canal traffic is falling

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The Evergreen, which got stuck in the Suez Canal last year, passes through the trading link in January this year. Twitter
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  • About 10 percent of global trade, including 7 percent of the world’s oil, flows through the Suez Canal
  • First opened in 1869, the canal is a source of national pride and foreign currency to Egypt

The government of Egypt has said the reports that traffic through the Suez Canal has fallen due to the Russian invasion of Ukraine, according to local media.

Instead, the key trading link is setting new records, said the government, quoting the Suez Canal Authority.

The government’s media center said that it had contacted the authority, which then apparently described the claims on social media as rumors.

Navigation movement in the canal during February 2022 reached a new high in terms of ship transit rates and net tonnages, the authority said.

“A total of 1,713 ships crossed from both directions, with a net tonnage of 100.1 million tons, compared with the transit of 1,532 ships during February last year, with a total net tonnage of 97.6 million tons,” it claimed.

The authority also said that flexible marketing and pricing policies have encouraged new shipping lines to use the canal.

According to the government media center, the Suez Canal achieved record profits in 2021, with revenue totaling $6.3 billion, despite the effects of the pandemic on the global economy.

Performance rates in February this year are the highest for the month in the history of the canal, with revenue rising by 15.1 percent to $545.5 million, not including navigation services.

This compares with $474.1 million for the same month last year.

Transit rates of various types of ships also rose compared with the same month last year, with bulk vessel numbers increasing by 29 percent, container ships by 11.8 percent and car carriers by 22.2 percent.

About 10 percent of global trade, including 7 percent of the world’s oil, flows through the Suez Canal.

First opened in 1869, the canal is a source of national pride and foreign currency to Egypt.

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