The Suez Canal Authority will increase Suez Canal tolls by as much as 10% on some vessel types effective March 1, 2022, just one month after tolls were raised 6%.
Most vessel types will see increases of 5-7% in both directions. Chemical, liquid bulk tankers and LPG tankers will see the biggest increase of 10%. The changes apply to both laden and unladen ships.
Containerships will see levied surcharges in place since March 1, 2021 increase by as much as 10% in the northbound direction. Southbound containerships will see no increases.
The decision was “in line with the significant growth in global trade, the improvement of ships’ economics, the Suez Canal waterway development and the enhancement of the transit service”, according to a series of circulars by the canal authority.
The hike comes only a month after the Suez Canal Authority rasised tolls by 6% for most vessel types beginning this month. The 6% hike was was announced in November on all ship types with the exception of cruise ships and LNG carriers.
At the time of the announcement, the Suez Canal Authority said the pricing strategy takes into account global economic conditions and will ensure the waterway can maintain navigational services while also keeping its competitive edge compared to alternative routes.
The increases also come less than a year a year after the Ever Given grounded and blocked the critical shipping choke point for six days back in March 2021.
The Suez Canal kicked off a project to expand a portion of the waterway last summer, but earlier this month Suez Canal Authority Chairman Osama Rabie said it would be too expensive to widen the entire length of the waterway.
Rabie said the February toll hike would boost annual revenue by $400 million.
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