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Egypt increases rates to pass through the Suez Canal

By Pieter Cleppe

In a suprising move, Egypt has decided to raise Suez Canal rates from 1 January 2023 on.

There will be a 15% increase for most vessels and a 10% increase for dry bulk ships and cruise ships.

The government of Egypt expects annual revenues to rise by $700 million, after this rate hike.

The Hill notes that around 10% of global trade, including 7% of the world’s oil, flows through the Suez Canal, which is considered a major source of foreign currency to Egypt, the most Arab populous country with over 103 million people.

Official Osama Rabie comments that the hike are “inevitable and a necessity”, blaming booming global inflation rates, which have increased the cost of the waterway’s operations, maintenance, and maritime services.