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

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.

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