Egypt to raise Suez Canal transit fees for ships by 15% next year

Egypt’s Suez Canal Authority (SCA) has announced that it will raise the transit fees by 15 percent for ships passing through the canal in 2030, according to its statement on Saturday.

This step is due to the current global inflation rates that have continued to rise about 8 percent, which leads to an increase in operating and maintenance costs and the provision of navigational services in the canal.

SCA’s head Osama Rabie added that according to transit fees for dry bulk vessels and cruise ships will increase by only 10 percent next year.

The increase comes as a result of implementing a balanced pricing strategy that achieves the common interests of the authority and its clients, Rabie continued.

Moreover, this surge also has taken into account global economic conditions at the same time.

The decision comes in order to follow-up the developments of the market changes in the maritime transport sector, which monitors the continuation of the rise in the daily time charter categories for most types of ships.

The rental values ​​of crude oil tankers have increased by 88 percent over the average in 2021, and the rental values ​​of liquefied natural gas tankers increased by 11 percent over the 2021 average, the statement mentioned.