Egypt’s Suez Canal increases transit tolls by up to 10 pct

CAIRO, March 1 (Xinhua) — Egypt’s Suez Canal Authority (SCA) announced on Tuesday an increase in the transit tolls by up to 10 percent for laden and ballast vessels.

The decision, which was made in line with significant growth in global trade, waterway development, and transit service enhancement, takes effect on March 1, the SCA said in a statement.

This is the second toll increase in two months.

On Feb. 1, the SCA raised its transit tolls by six percent for vessels traveling through the waterway, except for the tourist ships and the Liquified Natural Gas (LNG) carriers.

“The new increase is subject to continuous evaluation based on the changes of the marine transit market,” the statement added.

Linking the Mediterranean Sea with the Red Sea, the Suez Canal was officially opened for international navigation in 1869, serving as a lifeline for global seaborne trade. Around 12 percent of the world’s trade passes through the canal.

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