The head of the Suez Canal Authority in Egypt, Osama Rabie, has announced decisions to increase passage fees for vessels transiting through the canal. According to him, starting May 1, tariffs will increase by 2-4%, depending on the type of vessel. It was also decided to maintain discounts for oil tankers and vessels transporting containers to the West. Rabie explained that this decision was made in light of the fact that last year the canal lost $200 million due to a decrease in the payment capacity of clients because of the COVID-19 pandemic.
He also added that "to support the reliability of Suez Canal operations, a new fee of $5,000 will be introduced for vessels longer than 320 meters." Corresponding amendments to tariffs are deemed necessary to ensure the financial sustainability of the canal in the changing global market and foreign trade conditions.
