Egypt’s Suez Canal Authority plans to raise the transit fees for ships passing the waterway by 15% at the start of 2023.

Iran PressAfrica: In a statement, the Suez Canal Authority's chairman, Osama Rabie, said the transit fees for bulk and tourist ships would be raised by 15% and applied as of January 2023.

Rabie cited the increase in fees to current global inflation, which increased the operational costs and the costs of navigation services provided in the canal.

In July, the Suez Canal Authority said its revenues hit an all-time high, recording $7 billion in the last fiscal year.

The Suez Canal is a strategic waterway connecting the Mediterranean and the Red Seas and is considered the Egyptian government's primary foreign currency source.

The 152-year-old canal assumes 12% of global trade traffic and maintains its importance in world trade.

The canal can accommodate 61.2% of the world's tanker fleets, 92.7% of bulk carrier fleets, and 100% of container ships and other ships.


Suez Canal: Megaship leaves waterway after compensation deal struck

Cargo ship Ever Given held in Suez Canal amid $916 million claim