Cash-strapped Egypt hikes Suez Canal transit fees for ships

Cash-strapped Egypt has increased transit fees for ships passing through the Suez Canal, one of the world's most crucial waterways

CAIRO -- Cash-strapped Egypt increased transit fees Tuesday for ships passing through the Suez Canal, one of the world’s most crucial waterways, with hikes of up to 10%, officials said.

The Suez Canal Authority said on its website the increases were “in line with the significant growth in global trade" and cited the canal’s “development and enhancement of the transit service.”

According to a statement, transit fees for liquefied petroleum gas, chemical tankers, and other liquid bulk tankers increased by 10%. Vessels carrying vehicles, natural gas and general cargo, as well as multi-purpose vessels, will see an increase of 7%, while a 5% increase will be imposed on oil and crude tankers and dry bulk vessels, it said.

The hikes could later be revised or called off, according to changes in global shipping, it added.