Suez Canal toll hike to raise revenues by $400 million

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Suez Canal Authority (SCA) Chairman Osama Rabieh told Arabiya TV on Monday that the 6% increase in canal tolls starting in February will increase annual revenues by $400 million.

During the interview, Rabieh also said the SCA plans to offer financial incentives to ships that follow environmentally friendly rules, Egyptian daily El Watan reported.

The Suez Canal Authority announced plans in November to increase waterway tolls by 6% starting in February. The transit fee hike will apply to all types of ships, with the exception of cruise ships and liquefied natural gas carriers.

The toll increase comes less than a year after the Ever Given ran aground and blocked the critical maritime choke point for six days in March 2021.

At the time of the announcement, Rabea said the pricing strategy takes into account global economic conditions and will ensure the waterway can maintain shipping services while maintaining its competitive edge compared to alternative routes.

Source Reuters

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