Egypt’s vital Suez canal increases passing fees by 15% in 2023

File – A cargo ship is seen crossing through the New Suez Canal, Ismailia, Egypt. (Reuters)

SULAIMANI (ESTA) — Passing fees for all types of vessels through the Suez Canal will be increased by 15% in 2023, a statement on Saturday said.

Egypt’s vital canal Mediterranean Sea-Red Sea connecter canal will raise fees for ships passing through it, the canal authority’s chairman Osama Rabie in a statement said.

In the meantime transit fees for dry bulks and tourist ships will be raised by 10%, Rabie added. And the decision will go into effect on Jan. 1, 2023, according to the statement.

The Suez canal authorities also said that rising energy prices, freight rates, and daily charter rates for ships, predicted to continue next year, are the main reason for raising transit fees along the vital canal.

The canal is economically vital to Egypt. Nearly 19,000 ships navigated the canal in 2020, working out an average of just over 50 per day, according to the canal authority.

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