The SCA head added that the price hikes are due to increased energy prices, freight rates and daily tanker time-charter rates
The Suez Canal is looking to raise its transit tolls in 2023, citing global inflation and rising prices.
“Raising transit tolls is a necessity to face the impact of the current global inflation on the increased cost of navigational services in the canal,” said Suez Canal Authority (SCA) chairman Osama Rabie in a statement yesterday.
The SCA head added that the price hikes are due to increased energy prices, freight rates and daily tanker time-charter rates.
Transit fees for all types of vessels will jump by 15% on the Suez Canal by next year, and will be effective immediately on January 1st 2023. Exceptions are transit fees for dry bulk ships and cruise ships, which will see a 10% increase instead.
Rabie stated that the price hike comes alongside with the SCA’s efforts to keep up-to-date with market changes within the maritime transport sector, of which they monitor daily charter rates for most types of vessels. According to the SCA head, these have been ever-increasing, reaching unprecedented levels, and forecasted that this will continue in 2023.
Clear examples of that are shown in the daily charter rates for crude oil tankers which increased in average by 88% compared to the average rates of 2021, and an increase by 11% in the average daily charter rates of LNG carriers compared to that of 2021.
Update | Rabie states that the Suez Canal expects its revenues to increase by $700 million annually after the new transit fees take effect, CNBC Arabia TV channel quoted the chairman earlier today.