Egypt to Raise Transit Fees in 2023 for all Types of Vessels Passing through the Suez Canal

According to a statement released by the Suez Canal Authority, transit fees for tankers passing through the canal will rise by 15%. The increase for dry bulk carriers and tourist ships is 10%. The fee hikes will take effect on Jan. 1, 2023. “The increase is inevitable and a necessity in light of the current global inflation rates,” the authority’s chief, Osama Rabiee, said in the statement. He added that the decision factored in the impact of increased energy prices. Another analyst said that despite the rise in fees, the Suez Canal is still a substantially cheaper route for vessels. “The savings of sailing via the Suez Canal are still very large, particularly due to … very high oil and bunker prices. In addition, the shipping markets are generally seeing high demand and low vessel availability. This also encourages shipowners to send vessels via the fastest routes,” said Niels Rasmussen, chief shipping analyst of shipping association Bimco. Rasmussen said that he does not expect shipowners to turn to alternative routes, such as sailing south of Africa.

SOURCE: CNBC