Egypt to raise Suez Canal transit fees by 5-15 pct in 2024

Egypt has detailed plans to increase the transit fees for ships journeying through the Suez Canal. The target date has been set for January 15, 2024. The intended rise in transit fees is crafted to range from 5 to 15 percent, with the specifics of the increase being dictated depending on the type of vessel. The Suez Canal Authority (SCA) declared that an assortment of vessels including crude oil tankers, petroleum product tankers, liquified petroleum gas carriers, liquefied natural gas carriers, chemical tankers and other liquid bulk tankers, containerships, vehicles carriers, cruise ships, and special floating units are set to face a 15 percent increase in transit fees. Conversely, vessels such as dry bulk vessels, general cargo vessels, and roll-on/roll-off vessels are positioned to experience a smaller increase in transit fees, scheduled at five percent. Notably, the SCA has chosen to exempt certain vessels from these increases, specifically containerships departing from ports in northwestern Europe and travelling straight to ports in the Far East. Previously, the SCA reported that the canal's revenues reached 9.4 billion U.S. dollars in the fiscal Year 2022-2023, showing a pronounced increase from 7 billion dollars recorded in the preceding fiscal Year.