Tolls for transiting the Suez Canal will increase by 15% for all types of ships and by 10% for dry bulk cargo and cruise ships from next year, the Canal Authority announced on Saturday. Suez Canal (SCA) in a press release.
According to the authority, rising energy prices, freight rates and daily vessel charter rates, which are expected to continue next year, are the main reason for the increase in canal tolls, a vital artery connecting the Mediterranean Sea to the Red Sea.
“The increase (in tolls) is unavoidable and is a necessity in light of the current global inflation, which translates into an increase in operating costs and the costs of services provided by the canal,” said in the press release Ossama Rabiee, president of the SCA.
The SCA has adjusted tolls through clear mechanisms incorporating changes in the shipping market, he added, noting that the canal remains the most efficient and least expensive route compared to other routes.