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Egypt’s Suez Canal to increase transit fees by up to 15% in 2023

The increased fees for passing the canal are "inevitable and a necessity" to deal with the current global inflation rates.

Egypt will increase fees for ships passing through the Suez Canal by 15 percent in 2023, Suez Canal Authority (SCA) chairman Osama Rabie said.

Transit fees for bulk and tourist ships will be raised by 10 percent.

He said that the increased fees for passing the canal are “inevitable and a necessity” to deal with the ramifications of the current global inflation rates that have reached more than eight percent.

Rabie added that the SCA has been monitoring “unprecedented” daily increases in charter rates for most types of vessels.

The authority forecasts a continuation of this trend in the coming year.

The fee increase will be from January 1, 2023.