Egypt announced on Saturday that it will raise transit fees in 2023 for all types of vessels passing through the Suez Canal. The canal already raised fees three times in quick succession this year.

According to a statement released by the Suez Canal Authority (SCA), transit fees for tankers passing through the canal will rise by 15%. The increase for dry bulk carriers and cruise ships is 10%. The fee hikes will take effect on Jan. 1, 2023.

“The increase is inevitable and a necessity in light of the current global inflation rates,” the authority’s chief, Osama Rabiee, said in the statement. He added that the decision factored in the impact of increased energy prices.

On the other side of the globe, the Panama Canal Authority also unveiled a new toll system which will see fees rise substantially next year. 

Meeting in Singapore earlier this month, delegates of the Asian Shipowners’Association expressed in an official communique its concern over the substantial toll increases in both canals  “Delegates shared a perception that such a significant toll hike may not be compatible with the long-term sustainability required for a global infrastructure”.  Photo: SCA