Due to the increase in fees, the Suez Canal will receive $ 700 million more profit annually

Suez Canal’s profits will rise by about $700 million a year due to a 15% increase in transit fees from 2023. This was announced by the head of the administration of the Suez Canal, Usama Rabia.

“We expect revenue growth of $700 million annually after the increase in transit duties,” Mr. Rabia said in an interview with CNBC Arabia (quoted from Reuters). Tolls for passage through the Suez Canal will increase by 15% from January 2023. For bulk carriers and tourist vessels, duties will increase by 10%. The administration of the Suez Canal explained such measures by an increase in the daily cost of renting ships of most types, as well as an increase in oil and gas prices.

On March 1, transit duties for ships were increased by 5-10%, in connection with this, record monthly profits were recorded in June and May. For the 2021-2022 financial year, the income of the Suez Canal reached a record high of $ 7 billion. At the end of 2022, the administration of the channel plans to list 10-15% of its “daughter” Canal Mooring on the local stock market.

Anastasia Larina