Egypt to raise Suez Canal transit fee in 2023
Egypt said on Saturday that it will raise passage costs for vessels going through the Suez Canal, one of the world’s most important waterways.
The Suez Canal Authority said on Saturday that it will increase taxes for tankers transporting oil and petroleum products by 15%, and dry bulk carriers and cruise ships by 10%.
Osama Rabie, the authority’s chief, said the rises, which go into effect on January 1, are “inevitable and necessary.” He blamed the rising cost of the waterway’s operations, maintenance, and maritime services on rising worldwide inflation rates.
The Suez Canal transports almost 10% of worldwide trade, including 7% of the world’s oil, and is a vital source of foreign income for Egypt, the most populous Arab country with over 103 million inhabitants.
Egypt has endured enormous economic hardships and is running low on foreign money, which is required to purchase necessities such as food and petrol.
According to authorities, 20,649 boats sailed through the canal last year, a 10% increase from 18,830 vessels in 2020. The canal’s yearly revenues hit $6.3billion in 2021, the highest in its history.
Since a massive vessel went aground and stopped the canal in March 2021, canal officials have been working to enlarge and deepen the waterway’s southern section. The six-day stoppage hampered worldwide shipping.
Egypt to raise Suez Canal transit fee in 2023
An oil tanker went aground on August 31 and momentarily obstructed the river before being fed.
