Egypt mentioned on Saturday that it’s going to enhance transit charges for vessels, together with oil-laden tankers, passing by way of Suez Canal, one of many world’s most vital waterways.
The Suez Canal Authority mentioned in a press release on Saturday that it’s going to add 15% to the charges for tankers carrying oil and petroleum merchandise, and 10% for dry bulk carriers and cruise ships.
The authority’s chief, Osama Rabie, mentioned the hikes, which can take impact on Jan. 1, are “inevitable and a necessity.” He blamed booming international inflation charges, which have elevated the price of the waterway’s operations, upkeep, and maritime providers.
About 10% of world commerce, together with 7% of the world’s oil, flows by way of the Suez Canal, a significant supply of overseas forex to Egypt, probably the most Arab populous nation with over 103 million folks.
Egypt has confronted towering financial challenges and is working low on overseas forex wanted to purchase necessities reminiscent of grain and gas.
Authorities mentioned 20,649 vessels handed by way of the canal final 12 months, a ten% enhance in comparison with 18,830 vessels in 2020. The annual revenues of the canal reached $6.3 billion in 2021, the very best in its historical past.
Canal authorities have been working to widen and deepen the waterway’s southern half, since a hulking vessel ran aground and closed off the canal in March 2021. The six-day blockage disrupted international cargo.
In August 31, an oil tanker ran aground and briefly blocked the waterway earlier than it was feed.
Source: www.bostonherald.com”