(MENAFN- Trend News Agency)
Egyptian authorities managing the Suez Canal say they will raise
transit fees for vessels passing through the waterway by up to 15
percent in 2023, Trend reports citing NHK .
The Suez Canal Authority announced on Saturday that transit fees
for dry bulk carriers and cruise ships will increase by 10 percent
while those for other vessels will go up by 15 percent starting in
January next year.
The authority cited rising costs of the waterway's operations
stemming from higher oil prices.
Annually, about 20,000 vessels, including cruiser and container
ships, pass through the Suez Canal, which connects the
Mediterranean Sea to the Red Sea.
The canal's transit fees are an important source of revenue for
the Egyptian government.
Arab media reports say that the Egyptian government expects
revenue to increase by 700 million dollars annually after the
hikes.
The fees were raised in 2020 and March of this year.
There are concerns that higher transit fees could push up
transportation costs and accelerate global inflation.
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