Suez Canal Authority Will Increase Transit Fees Starting January 2024
Container ships originating from northwest European ports and headed for Far Eastern ports will be exempt from the fee hike.
Egypt's Suez Canal Authority (SCA) has revealed plans to implement a 5% to 15% increase in transit fees, effective January 15th, 2024. The adjustments aim to bolster revenues and support ongoing efforts to enhance the canal's services and infrastructure.
Under the new fee structure, a 15% increase will be applied to transit fees for crude oil tankers, liquefied petroleum gas (LPG) and liquefied natural gas (LNG) tankers, as well as passenger-car ships. Dry bulk ships, general cargo ships, and roll-on/roll-off ships will face a five% increase in fees.
Container ships originating from northwest European ports and bound directly for Far Eastern ports will be exempt from the fee hike.
The Suez Canal has proven to be a vital revenue stream for Egypt, with FY2022/23 witnessing a 25.2% year-on-year surge in canal revenues, reaching a record USD 8.8 billion. This increase was attributed to a 17.6% rise in the number of vessels transiting the canal, totaling around 26,000 ships during the same period.
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Dec 03, 2023