Suez Canal Authority to increase transit fees by 15% in 2023

Suez Canal Authority to increase transit fees by 15% in 2023

Suez Canal Authority to raise fees for ships passing through by 15% in 2023, Osama Rabie, the Chairman of the Suez Canal Authority, said in a cabinet statement. The transit fees for bulk and tourist ships, however, will only be raised by 10%, Rabie stated.

Commenting on the reasons for the Suez Canal Authority’s increase in transit fees for ships transiting the canal, Rabie explained that the decision comes in light of the current global inflation rates and also the impact of increasing energy prices. The rise of rental values ​​of crude oil tankers increased by 88% on average in 2021, as well as the LNG tankers’ rental values ​​increased by 11% on average in 2021.

The fee increase will be applied starting on January 1, 2023. Over 20,600 ships transited through the Suez Canal in 2021 according to Statista.

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