Egypt's Suez Canal to raise transit fees in 2023

CAIRO -- The Suez Canal's transit tolls will increase by 15 percent for all types of vessels and 10 percent for dry bulk and cruise ships starting next year, the Suez Canal Authority (SCA) announced in a statement on Saturday.

The authority said rising energy prices, freight rates, and daily charter rates for ships, predicted to continue next year, are the main reason for raising transit tolls along the vital canal connecting the Mediterranean Sea to the Red Sea.

"The (tolls) increase is inevitable and is a necessity in light of the current global inflation, which translates into increased operational costs and the costs of the navigational services provided in the canal," SCA Chairman Ossama Rabiee said in the statement.

He said the SCA adjusted the tolls through clear mechanisms incorporating the changes in the maritime transport market, noting the canal remains the most efficient and least costly route compared to alternative routes.