Suez Canal authority to raise transit fees by 15% in 2023

Suez Canal Authority (SCA) chairman and managing director, Osama Rabie deems the hikes "inevitable and a necessity” due to soaring global inflation rates.

PHOTO: Ship transiting through the Suez Canal. Desert sand on both sides. The ship's bow and rail are in the foreground. Getty Images

A 15% fee hike will be implemented on all types of vessels passing through the Suez Canal with effect from 1 January 2023, Rabie says.

Transit fees for dry bulk and tourist ships will be raised by 10%.

Over $1 trillion worth of goods representing 12% of global trade pass through the 193 km of Suez Canal every year, which is the fastest and most direct commercial route between Asia and Europe.

The canal generated a record $6.3 billion in revenue in 2021, despite a pandemic and Ever Given's six-day blockage. Last year, 20,649 ships passed through the canal, an increase of 10% over 18,830 vessels in 2020, SCA says.

By Konica Bhatt

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