Suez Canal raises tolls for some ships

On March 1, local time, the Suez Canal Authority of Egypt announced that it would increase the tolls of some ships by up to 10%. This is the second increase in tolls for the Suez Canal in two months.

According to a statement from the Suez Canal Authority, tolls for liquefied petroleum gas, chemical and other tankers increased by 10%; tolls for vehicles and gas carriers, general cargo and multipurpose vessels increased by 7%; oil tankers, crude oil and dry Bulk carrier tolls increased by 5%. The decision is in line with the significant growth in global trade, the development of the Suez Canal waterway and enhanced transport services, the statement said. Osama Rabie, chairman of the Canal Authority, said the new toll rate will be evaluated and may be adjusted again in the future. The Canal Authority has already raised the toll once on February 1, with a 6% increase in tolls for ships, excluding LNG ships and cruise ships.

The Suez Canal is located at the junction of Europe, Asia and Africa, connecting the Red Sea and the Mediterranean Sea. Canal revenue is one of the main sources of Egypt's national fiscal revenue and foreign exchange reserves.

According to data from the Suez Canal Authority, more than 20,000 ships passed through the canal last year, an increase of about 10% over 2020; last year’s ship toll revenue totaled US$6.3 billion, a year-on-year increase of 13% and a record high.