Suez Canal's Revenue Breaches $5.84B

Egypt's Suez Canal revenue rose to a record $5.84 billion in its 2020-21 financial year (July-June), up from $5.72 billion in the previous year, the Suez Canal Authority said, Reuters reported.

The Authority also said the canal's revenues in the first six months of this year increased to about $3 billion compared with $2.76 billion in the same period last year, despite the grounding incident of container ship Ever Given in March.

The Ever Given blocked the canal for six days in March and disrupted world trade. It was allowed to leave the canal earlier this month after the Authority reached a settlement with its owner and insurers.

A lawsuit filed by the Authority for compensation before an Egyptian court was called off after the settlement, judicial sources said.

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