International News

Tolls In The Suez Canal Will Be Raised In 2024

Author : Bozhou Marine

Update time : 2023-10-23 11:15:26

Egypt's Suez Canal Authority issued a statement stating that starting from mid-January 2024, tolls for some ships passing through the Suez Canal will be increased.

Starting from January 15, 2024, crude oil carriers, product oil carriers, liquefied petroleum gas carriers, liquefied natural gas carriers, chemical carriers and other liquid bulk carriers, container ships, vehicle carriers, cruise ships, special Tolls on floating facilities will increase by 15%.
The tolls for dry bulk carriers, general cargo ships, ro-ro ships and other vessels will be increased by 5%. However, container ships sailing directly from ports in Northern and Western Europe to ports in the Far East will not be affected by the new round of price increases.

The Suez Canal connects the Red Sea and the Mediterranean. It is an important international shipping channel that connects the three continents of Europe, Asia, and Africa (the shortest channel between Europe and Asia). It is also one of the busiest waterways in the world. About 12% of the world's trade passes through this canal. Canal revenue is also the main source of Egypt's national fiscal revenue and foreign exchange reserves.

While the move won't have a huge impact on global trade flows, rising transit fees for carriers sailing through the canal will still likely be ultimately passed on to consumers, fueling inflation everywhere. Currently, as geopolitical tensions push energy prices higher again, inflation data in many major economies around the world are showing signs of rising again.

www.bozhou-int.com | Marine Light

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