The Clap
The Suez Canal Authority (SCA) will increase its toll by 15% for ships and 10% for bulk carriers starting 2023.
Bulk Carriers
Bulk carriers are ships specialized in transporting bulk cargo such as grain, coal and cement.
The Deets
Admiral Osama Rabie, Chairman of the SCA, said that increasing the toll for ships is necessary due to increasing inflation, which increased operating costs and the costs of services in the canal.
Effect of Increase
Admiral Rabie expects that the increase will contribute $700 million annually in revenues to the Suez Canal.
Why this Matters
According to Rabie, the increase reflects the authority’s intent to have the toll reflect the global economic conditions.
Suez Canal to increase toll 🚢
