Transit fees for oil tankers and several other types of vessel passing through Egypt’s Suez Canal will rise by 15 per cent from mid-January, the waterway’s authority said in a statement on Tuesday.

The Suez Canal Authority in Egypt announced an increase of the Suez Canal tolls for various types of vessels, in accordance with the circular 7/2023, which will be effective as of January 15 2024. 

More specifically, the Suez Canal Authority announced an increase of the normal Suez Canal transit dues by 15% for crude oil tankers, petroleum product tankers, liquefied petroleum gas (LPG) carriers, liquefied natural gas (LNG) carriers, chemical tankers and other liquid bulk tankers.

The increase of Suez Canal tolls by 15% also applies to containerships, vehicles carriers, cruise ships and special floating units.

A lower increase of 5 per cent will be levied on dry bulk carriers and roll-on/roll-off vessels.

The authority announced an increase of the normal Suez Canal transit dues by 5% for dry bulk vessels, general cargo vessels, roll-on/roll-off (Ro/Ro) vessels, as well as for other vessels.

Furthermore, containerships directly coming from ports at “North-West Europe” (and Tangier port) starting from Algeciras port and directly heading to (Port Klang) and its Eastern ports at “South-East of Asia” and the “Far East” are exempted from the 15% increase in the normal transit dues.

According to the Suez Canal Authority, “containerships directly coming from ports at “North-West Europe” and directly heading to ports at the “Far East” are exempted from the above increase stated in para (a) as per the conditions stipulated in circular (8/2023).”

Egypt´s President Abdul Fattah El-Sisi met yesterday with Ossama Rabiee, the chairman of the Suez Canal Authority (SCA).

During the meeting it was revealed that Suez Canal´s financial year 2022/2023 showed an increase in the number of ships passing through the channel by 17.6%, compared to the previous fiscal year, reaching about 26,000 vessels, and an increase in the canal’s total revenues by 34.7% rising to $9.4 billion in the last fiscal year from $7 billion in the previous fiscal year. Total revenues are expected to reach $10.3 billion by the end of this year.