ISTANBUL 

Egypt’s Suez Canal Authority plans to raise the transit fees for ships passing the waterway by 15% at the start of 2023.

In a statement, the Canal Authority's chairman, Osama Rabie, said the transit fees for bulk and tourist ships will also be raised by 10% and will also be applied as of January 2023.

Rabie cited the increase in fees to current global inflation, which increased the operational costs and the costs of navigation services provided in the canal.

In July, the Suez Canal Authority said its revenues hit an all-time high, recording $7 billion in the last fiscal year.

The Suez Canal is a strategic waterway that connects the Mediterranean and the Red Seas and is considered the main source of foreign currency for the Egyptian government.

The 152-year-old canal assumes 12% of global trade traffic and maintains its importance in world trade.

The canal can accommodate 61.2% of the world’s tanker fleets, 92.7% of bulk carrier fleets and 100% of container ships and other ships.

*Writing by Ahmed Asmar