Egypt to raise Suez Canal transit fees for ships in 2023

CAIRO (AP) — Egypt says it will increase transit fees for vessels, including oil-laden tankers, passing through Suez Canal, one of the world’s most crucial waterways. The Suez Canal Authority said in a statement on Saturday that it will add 15% to the fees for tankers carrying oil and petroleum products, and 10% for dry bulk carriers and cruise ships. The authority’s chief says the hikes will start on January 1. He blamed booming global inflation rates, which have increased the cost of the waterway’s operations, maintenance, and maritime services. About 10% of global trade flows through the Suez Canal, which is a major source of foreign currency to Egypt.