{"id":542777,"date":"2022-01-17T04:03:59","date_gmt":"2022-01-17T04:03:59","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/01\/17\/suez-canal-targets-usd-7-bn-revenues-in-2022\/"},"modified":"2022-01-17T04:03:59","modified_gmt":"2022-01-17T04:03:59","slug":"suez-canal-targets-usd-7-bn-revenues-in-2022","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/01\/17\/suez-canal-targets-usd-7-bn-revenues-in-2022\/","title":{"rendered":"Suez Canal targets USD 7 bn revenues in 2022"},"content":{"rendered":"

<\/a> Suez Canal revenues are expected to hit USD 7 bn in 2022<\/strong>, up 11.1% from last year, Suez Canal Authority (SCA) boss Osama Rabie said in an interview with Bloomberg Asharq yesterday on the sidelines of Dubai\u2019s Expo 2020 (watch, runtime: 6:25<\/a>). Canal revenues hit a record USD 6.3 bn<\/a> in 2021, up 12.2% from the year before, on the back of an all-time high net tonnage transiting the canal amid a 10% increase in the number of passing ships.<\/p>\n

Transit volumes are set to beat 2020\u2019s record \u2014 despite fee increases \u2014<\/strong> as ship-makers build more vessels, Rabie said. Most ships are set to pay a 6% increase in canal transit fees from February. LNG carriers and cruise ships are exempt from the fee hike, which was announced in November<\/a> as the authority starts to wind down a range of incentives<\/a> and reductions<\/a> introduced in 2020 to counter the global trade slowdown due to covid-19.<\/p>\n

The SCA is looking to complete work on <\/strong>widening and deepening<\/a><\/strong> the canal by July 2023<\/strong>, Rabie said earlier on Sunday, according to Reuters<\/a>. The expansion, which was first announced<\/a> in May last year, will take place right where the 400-meter-long Ever Given container ship ran aground<\/a> for six days in March 2021, disrupting 10-15% of global shipping and costing us some USD 15 mn<\/a> each day in foregone revenues.<\/p>\n

Green incentives in the works: <\/strong>Ships that use greener forms of fuel could see a 10-20% discount on canal fees, Rabie said, adding that studies on the scheme are ongoing. The authority will announce plans to become a \u201cgreen canal\u201d by 2030 at the COP27 UN climate conference in Sharm El-Sheikh in November, he added.<\/p>\n

And green hydrogen projects could be housed in the SCZone: <\/strong>An announcement is also expected on green hydrogen projects in the Suez Canal Economic Zone (SCZone) ahead of COP27, SCZone head Yehia Zaki said in a separate interview with Bloomberg Asharq in Dubai yesterday (watch, runtime: 3:47<\/a>).<\/p>\n

Hungary could enter the SCZone:<\/strong> The Suez Canal Economic Zone (SCZone) is in talks with Hungary over potential investment in a specialized industrial area in the zone, Zaki said. A Hungarian delegation is set to visit mid-February to continue the talks. The authority is also in early talks with several other countries and companies over industrial areas, he added, without disclosing further details. Russia is already setting up shop in the SCZone, with financing to start on construction<\/a> of its Russian Industrial Zone (RIZ) next year.<\/p>\n

C<\/strong>atering and marine services are also in the works:<\/strong> The SCZone is also currently reviewing bids from companies under plans to launch ship catering and marine services in the next few months as part of its 2020-2050 strategy, Zaki announced, according to another SCA statement<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Suez Canal revenues are expected to hit USD 7 bn in 2022, up 11.1% from last year, Suez Canal Authority (SCA) boss Osama Rabie said in an interview with Bloomberg Asharq yesterday on the sidelines of Dubai\u2019s Expo 2020 (watch, runtime: 6:25). Canal revenues hit a record USD 6.3 bn in 2021, up 12.2% from […]<\/p>\n","protected":false},"author":1,"featured_media":542778,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[8996],"tags":[72,254,213,7103,416,417],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-542777","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-suez-canal","tag-enterpriseam","tag-green-hydrogen","tag-infrastructure-watch","tag-suez-canal","tag-suez-canal-economic-zone","tag-yehia-zaki","wpautop","entry"],"acf":{"mongo_id":"4efd47f2-548c-4454-aaed-14c2016ce56e","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/1\/186.jpg","photo_position":"above","related_issue":[542773],"teaser":"","voice_url":""},"yoast_head":"\nSuez Canal targets USD 7 bn revenues in 2022 - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2022\/01\/17\/suez-canal-targets-usd-7-bn-revenues-in-2022\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Suez Canal targets USD 7 bn revenues in 2022\" \/>\n<meta property=\"og:description\" content=\"Suez Canal revenues are expected to hit USD 7 bn in 2022, up 11.1% from last year, Suez Canal Authority (SCA) boss Osama Rabie said in an interview with Bloomberg Asharq yesterday on the sidelines of Dubai\u2019s Expo 2020 (watch, runtime: 6:25). 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The fund was signed off on by the cabinet last week.Financing development: The money would \u201ccontribute to the sustainable economic development\u201d of\u2026","rel":"","context":"In "Suez Canal"","block_context":{"text":"Suez Canal","link":"https:\/\/enterpriseam.com\/egypt\/category\/data\/suez-canal\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/2\/39.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":545521,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/04\/03\/suez-canal-revenues-up-20-y-o-y-in-1q-2022\/","url_meta":{"origin":542777,"position":4},"title":"Suez Canal revenues up 20% y-o-y in 1Q 2022","author":"enterpriseam admin","date":"3 April 2022","format":false,"excerpt":"Suez Canal revenues rose 20% y-o-y in 1Q 2022 to USD 1.69 bn, the Suez Canal Authority (SCA) said in a statement. The number of ships transiting the canal increased nearly 16% y-o-y to register 5.3k vessels, while net tonnage was up 7.4% y-o-y at 313.3 mn tons. The SCA\u2026","rel":"","context":"In "Suez Canal"","block_context":{"text":"Suez Canal","link":"https:\/\/enterpriseam.com\/egypt\/category\/data\/suez-canal\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/4\/85.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":542547,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/01\/03\/suez-canal-revenues-were-the-highest-on-record-in-21\/","url_meta":{"origin":542777,"position":5},"title":"Suez Canal revenues were the highest on record in \u201821","author":"enterpriseam admin","date":"3 January 2022","format":false,"excerpt":"Suez Canal revenues were up 12.2% in 2021, hitting a record USD 6.3 bn, Suez Canal Authority (SCA) boss Osama Rabie said, according to a cabinet statement. The record-breaking revenues last year followed a modest 3% y-o-y dip in 2020 to USD 5.61 bn, the result of the pandemic slowdown.Last\u2026","rel":"","context":"In "Suez Canal"","block_context":{"text":"Suez Canal","link":"https:\/\/enterpriseam.com\/egypt\/category\/data\/suez-canal\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/1\/23.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/542777","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=542777"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/542777\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/542773"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/542778"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=542777"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=542777"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=542777"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=542777"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=542777"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}