Egypt’s Suez Canal Authority has announced its intention to raise canal tolls by up to 10% for laden and ballast vessels beginning March 1.
According to the Canal Authority, this decision is “in line with the significant growth in global trade, the improvement of ships’ economics, the Suez Canal waterway development and the enhancement of the transit service”
In particular:
- Surcharges on crude oil and petroleum product tankers will be raised from 15 per cent to 25 per cent of total transit fees
- Surcharges on empty (ballast) tankers will be raised, from 5 per cent to 15 per cent, when the new rates come into effect in April.
- The charges will be applied on ships travelling through the canal in both directions
Navigation statistics in the Suez Canal have shown that about 1.4 million ships have crossed the Suez Canal since 1869. As previously announced, Egypt’s Suez Canal Authority (SCA) plans to offer new financial incentives for ships that follow environmentally friendly standards while a project to expand parts of the Canal is underway, due to be completed by July 2023.
