Suez Canal revenues hit $551.5mln in April

ArabFinance: Suez Canal revenues grew 16% Year on Year (YoY) in April to $551.5 million, following Ever Given debacle, when compared to $476.2 million in April 2020, a recent statement by the Suez Canal Authority (SCA) showed.

On a yearly basis, the number of ships passing through the Canal also rose 4.8% to 1,814 ships by the end of April, compared to 1,731 during the same period a year ago.

The rise in revenues from the Suez Canal, a key source of foreign currency that was already hit hard by the pandemic, came after the Ever Given mega container vessel blocked the waterway for six days at the end of March.

Navigation along the canal resumed on March 29^th at 6 pm local time, following the successful refloating of Ever Given giant container vessel which blocked Canal Suez for six days since March 23^rd.

Earlier, the SCA Chairman Osama Rabei said that the authority is seeking over $1 billion in compensation for the losses incurred from the blocking of the Suez Canal by Ever Given.