Egypt raises Suez Canal transi

This picture on 7 July 2021 shows a view of the Panama-flagged MV ‘Ever Given’ container ship sailing along Egypt’s Suez Canal near the canal’s central city of Ismailia. Photo: Mahmoud KHALED / AFP

Egypt raises Suez Canal transit tolls

The Suez Canal accounts for roughly 10% of global maritime trade and is a source of much-needed foreign currency for Egypt

Egypt raises Suez Canal transi

This picture on 7 July 2021 shows a view of the Panama-flagged MV ‘Ever Given’ container ship sailing along Egypt’s Suez Canal near the canal’s central city of Ismailia. Photo: Mahmoud KHALED / AFP

Egypt’s Suez Canal Authority said Thursday it will hike transit tolls on the key waterway by 6%, after netting record revenues last tax year even amid the coronavirus pandemic.

The new fees will come into place from February 2022, but tourist vessels and liquefied natural gas (LNG) carriers will be exempted, Suez Canal Authority chief Osama Rabie said in a statement.

SUEZ CANAL TRANSIT 

In July, authorities said the canal had netted record revenues of $5.4 billion in the previous tax year, despite the coronavirus pandemic’s impact on world trade, plus a six-day blockage by a giant cargo ship.

Straddling the Red Sea and the Mediterranean, the Suez Canal accounts for roughly 10% of global maritime trade and is a source of much-needed foreign currency for Egypt.

Nearly 17 000 boats have crossed the Suez Canal so far this year, according to the authority.

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