This archive report was first published on 5 November 2021.
Published on November 5, 2021, the Suez Canal Authority's decision to increase transit tolls by six percent has been met with a mixed reaction from the shipping industry.
The new fees will come into effect from February 2022, but tourist vessels and liquefied natural gas (LNG) carriers will be exempted, according to Suez Canal Authority chief Osama Rabie.
The Suez Canal, which straddles the Red Sea and the Mediterranean, accounts for approximately 10 percent of global maritime trade and is a vital source of foreign currency for Egypt.
Despite the challenges posed by the coronavirus pandemic, the Suez Canal Authority reported a record revenue of $5.4 billion in the previous tax year, with nearly 17,000 boats crossing the canal so far this year.
