Back to the complete issue
Sunday, 18 September 2022

Suez Canal Authority to hike transit fees by 15% next year

Transiting the Suez Canal is getting pricier next year: Fees for most vessels crossing the Suez Canal will rise 15% starting 1 January 2023, Suez Canal Authority (SCA) Chairman Osama Rabie said in a statement Saturday.

The exceptions: The SCA will hike rates for dry bulk ships and cruise ships by 10%, he said.

“Inevitable and necessary”: Rabie said the price hikes come due to increased energy prices, freight rates and daily tanker time-charter rates. “Raising transit tolls is a necessity to face the impact of the current global inflation on the increased cost of navigational services in the canal,” he said.

Suez Canal revenues have reached record highs in recent months: Revenues hit a record USD 7 bn in FY 2021-2022 and hit a monthly all-time high of USD 744.8 mn in July.

We really need the revenue right now: The country is struggling to access hard currency after the fallout from the Ukraine war and volatility in global financial markets triggered significant foreign outflows, leaving us with a widening current account deficit.

The story’s getting coverage in foreign press: Reuters | Associated Press | Xinhua.

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2022 Enterprise Ventures LLC.

Enterprise is available without charge thanks to the generous support of HSBC Egypt (tax ID: 204-901-715), the leading corporate and retail lender in Egypt; EFG Hermes (tax ID: 200-178-385), the leading financial services corporation in frontier emerging markets; SODIC (tax ID: 212-168-002), a leading Egyptian real estate developer; SomaBay (tax ID: 204-903-300), our Red Sea holiday partner; Infinity (tax ID: 474-939-359), the ultimate way to power cities, industries, and homes directly from nature right here in Egypt; CIRA (tax ID: 200-069-608), the leading providers of K-12 and higher level education in Egypt; Orascom Construction (tax ID: 229-988-806), the leading construction and engineering company building infrastructure in Egypt and abroad; Moharram & Partners (tax ID: 616-112-459), the leading public policy and government affairs partner; Palm Hills Developments (tax ID: 432-737-014), a leading developer of commercial and residential properties; Mashreq (tax ID: 204-898-862), the MENA region’s leading homegrown personal and digital bank; Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt; Hassan Allam Properties (tax ID:  553-096-567), one of Egypt’s most prominent and leading builders; and Saleh, Barsoum & Abdel Aziz (tax ID: 220-002-827), the leading audit, tax and accounting firm in Egypt.