Suez Canal says transit fees for ships will increase in May

Egypt says it will increase transit fees for vessels, including oil-laden tankers, passing through Suez Canal

CAIRO -- Egypt said Tuesday it will increase transit fees for vessels, including oil-laden tankers, passing through Suez Canal, one of the world’s most crucial waterways.

The Suez Canal Authority said on its website it will add 15% to the normal transit fees for oil-laden and petroleum products-laden tankers, up from current 5%.

It said the increases will take effect starting May 1, and could later be revised or called off, according to changes in global shipping.

The new increase are amendments to surcharge hikes imposed in March on vessels passing through the waterway, the canal said.