Egypt’s Suez Canal Authority said today it will be increasing canal tolls by up to 10% for laden and ballast vessels, effective March 1. This is coming ata time when inflationary pressures have gripped the global economy
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.
Less than two weeks ago, Egypt said it was working to improve the Suez Canal by making an additional 10 kilometres accessible to two-way traffic, while widening and deepening another 30 kilometres, the chairman of the authority managing the waterway said on Tuesday.
Suez Canal Authority Chairman Osama Rabie, giving the first news conference on the expansion which began in June, said it would be too expensive to widen the entire length of the waterway linking the Red Sea and the Mediterranean.
