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Egypt to raise Suez Canal's transit fees by 15% in 2023 due to economic challenges

Egypt to raise Suez Canal's transit fees by 15% in 2023 due to economic challenges

Posted on September 26, 2022   |  

  • Egypt will increase transit fees by 15% for tankers carrying oil and petroleum products, and 10% for dry bulk carriers and cruise ships.
  • The hikes will take effect on January 1, which is necessary due to booming global inflation rates, which increased the cost of the waterway’s operations, maintenance, and maritime services.
  • 10% of global trade along with 7% of the world’s oil flows through the Suez Canal, and last year, the canal's annual revenue hit $6.3 billion as 20,649 vessels passed via the canal, a 10% increase compared to 2020.