The chairman of the Suez Canal Authority (SCA) Osama Rabieh told Arabiya TV on Monday that the 6% increase in canal fees starting in February will boost annual revenue by $400 million, Reuters reported.
During the interview, Rabieh also said the SCA plans to offer financial incentives for ships that follow environmentally friendly standards, Egyptian daily paper El Watan reported.
The Suez Canal Authority announced plans in November to raise the waterways tolls by 6% starting in February. The transit fee hike will apply to all ship types with the exception of cruise ships and LNG carriers.
The toll increase comes less than a year after the Ever Given grounded and blocked the critical shipping choke point for six days back in March 2021.
At the time of the announcement, Rabea 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.
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LONDON, Sept 9 (Reuters) – A container ship arrived in Britain on Wednesday after a landmark voyage from China via the Arctic, as part of plans for more vessels to use the route as a shorter...
Suez Canal revenue rose 42% in July from the year earlier, as the Iran war’s effective closure of the Strait of Hormuz and Houthi threats in the southern Red Sea led more ships to use the Egyptian waterway.
Chinese shipping companies are preparing for their busiest season yet on the Northern Sea Route, with at least six operators planning a mix of container and bulk voyages linking China with Russia and increasingly with major Western European ports.
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