Egypt to raise Suez Canal transit fees by 15 percent next year

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A tugboat pulls an ship along Egypt's Suez Canal. (AFP)
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  • Canal Authority's Chairman Osama Rabie has said. transit fees for bulk and tourist ships will be raised by 10 percent from Jan 1, 2023
  • The Canal’s revenue reached US$704 million in July after achieving its highest monthly transit rate of 2,103 ships, as well as monthly net tonnage of 125.1 million tons.

Cairo, Egypt– Egypt plans to raise fees for ships passing through the Suez Canal by 15 percent in 2023, the Canal Authority’s Chairman Osama Rabie has said.

According to media reports, Rabie said transit fees for bulk and tourist ships will be raised by 10 percent and will be applicable from Jan 1, 2023.

The Canal’s revenue reached US$704 million in July after achieving its highest monthly transit rate of 2,103 ships, as well as monthly net tonnage of 125.1 million tons.

The head of the authority pointed out that the navigational reports monitored a significant boom in the transit rates of various types of ships during July 2022 on an annual basis.

Oil tanker numbers increased by 60.2 percent, generating $153 million, the highest monthly revenue for this segment.

Egypt was expecting to rake in $3.5 billion in revenues from the Suez Canal during the first half of 2022, Rabie had said earlier this year.

Revenues from the canal have increased by around 23 percent in May 2022, compared to the year earlier, to reach $657 million.

Rabie attributed the high revenues to the growth of the global economy, the continued recovery of global trade, pricing policy and the Canal’s fee rise.

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