Egypt, "Suez Canal Tanker Transit Fees to Increase by 15% Starting Next Year"

[Image source=Reuters Yonhap News]

[Asia Economy Reporter Hyunwoo Lee] The Egyptian government announced plans to raise the toll fees for the Suez Canal, a major trade route connecting Europe and Asia, starting next year. In particular, the toll fees for oil tankers will increase by 15%, which is expected to further raise energy costs.

According to CNN on the 17th (local time), the Suez Canal Authority (SCA) stated in a press release that from next year, the toll fees for oil tankers carrying crude oil and petroleum products will increase by 15%, while the toll fees for cargo ships carrying dry bulk and cruise ships will increase by 10%.

Osama Rabie, Chairman of the SCA, said, "Due to global inflation, the costs of canal operation, maintenance, and maritime services have increased," adding, "The toll fee increase is an unavoidable measure." He further explained, "The toll fee hike will take effect from January 1st of next year."

Meanwhile, the Suez Canal, through which about 10% of global trade volume passes, is a major source of foreign currency revenue for Egypt. Last year, 20,649 vessels used the Suez Canal, about 10% more than the 18,830 vessels the previous year. The revenue Egypt earned from this amounted to 6.3 billion USD (approximately 8.7 trillion KRW). Since May last year, the SCA has been carrying out canal expansion work following the grounding accident of a mega container ship within the canal.

This content was produced with the assistance of AI translation services.