Egypt increases fees: Travel through the Suez Canal is becoming more expensive

Shipping through the Suez Canal will be around 15 percent more expensive in the coming year. The Egyptian Canal Authority justified the price increase with global inflation rates.

Egypt will significantly increase Suez Canal transit fees from 2023. Boat trips through the Suez Canal will cost 15 percent more than before next year. There are only exceptions for cruise ships and bulk carriers, but these should also pay ten percent more, said the Egyptian Canal Authority.

The reason for the increase is the worldwide inflation rate. This has increased the cost of operating and maintaining the Suez Canal, the agency said. Observers also see the price increase as a measure to continue supplying Egypt with foreign currencies.

Record revenue last year

The Suez Canal between the Mediterranean and the Red Sea is one of the most important waterways in the world and a key source of income for Egypt. More than 20,000 ships passed through the canal last year.

It posted record earnings in 2021 with sales of around US$ 6.3 billion, even though the canal was closed for several days in March 2021 because the container ship Ever Given turned aside and blocked the passage.

After that, Egypt had widened and deepened the canal during ongoing operations. In total, around every tenth merchant ship currently passes through the Suez Canal on its journey around the world.