The transit fees for ships passing the waterway are planned to be raised by Egypt’s Suez Canal Authority by 15 percent at the start of 2023.
The transit fees for bulk and tourist ships will also be raised by 10 percent and will also be applied as of January 2023, the Canal Authority’s chairperson, Osama Rabie, said in a statement.
The increases in fees were attributed by Rabie to current global inflation, which increased the operational costs and the costs of navigation services provided in the canal.
In July, its revenues hit an all-time high, recording $7 billion in the last fiscal year, the Suez Canal Authority said.
Considered the main source of foreign currency for the Egyptian government, the Suez Canal is a strategic waterway that connects the Mediterranean and the Red Sea.
12 percent of global trade traffic is assumed by the 152-year-old canal and maintains its importance in world trade.
61.2 percent of the world’s tanker fleets, 92.7 percent of bulk carrier fleets and 100 percent of container ships and other ships can be accommodated by the canal.