Record passages – and prices
High volumes through Suez and Panama Canals in 2021 – higher prices in 2022.
Supermarket shelves didn’t remain empty after all as a result of the Ever Given incident in the Suez Canal last year. Both the Suez and Panama waterways registered more ships and more income from vessels in 2021 than ever before. They’re nevertheless both raising their fees.
The bottom line is satisfactory. In 2021 the Suez Canal recorded the passage (in both directions) of exactly 20,694 vessels, whose net tonnage came to 1.27 billion t. This was 1,864 ships more than the previous year (+10%).
According to the head of the canal authority, Osama Rabie, 2021’s revenues also stood at a record high of USD 6.3 billion, or 12.8% above the figure for 2020. This is one more example that shows that the doomsday scenarios expounded when the Ever Given ran aground in March 2021 weren’t justified.
The mood is also upbeat in Panama, with the waterway there registering around 516 million Panama Canal tonnes (PC / UMS) in 2021; this represents year-on-year volume growth of 8.7%. LNG and LPG tankers led the way (+31.4% and +18.4% respectively).
The passage of ro-ro vessels (+15.6%), of bulk carriers (+11.2%) as well as of containerships (+10.8%) all also increased significantly; 72% of these trades headed out of or to US ports.
Take advantage of market conditions
Both canals are now seizing the moment to recoup their heavy past investments – and are raising their fees.
The Suez Canal, for example, which spent almost USD 9 billion on expansion in 2014 / 2015, increased its fees on 1 March by 5 – 10% for all ships passing through. Ro-ro units and heavylift and car carriers, amongst others, now pay 7% more than previously.
Last year the Suez Canal, which invested around USD 4.7 billion in its own expansion through to 2016, postponed a larger fee increase originally planned for April 2021. Since 1 February, however, passenger ships have paid more, and now new prices for LNG tankers in times of congestion have also been announced.