The Suez Canal announced this Saturday the increase in 10 and 15% of the rates for all ships that cross the sea route from 2023, a decision that it justified by the rise in energy prices and rental values of oil tankers and methane tankers, among others.

According to a statement from the Suez Canal Authority, this state entity that manages the maritime passage will increase rates by 15% for “all types of ships that transit during 2023”, with the exception of bulk carriers and tourist boats, in which case the increase will be 10%.

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The president of that authority, Admiral Osama Rabie, described the measure as “a necessity in light of the increase in world inflation by 8%”, among other factors, such as the increase in the prices of crude oil and Liquefied Natural Gas. (LNG), as well as the cost of boat rental.

Rabie defended his entity’s policy that “follows a balanced and flexible marketing and pricing strategy to achieve the common interests of the authority and its clients”, and -he affirmed- “takes into account global economic conditions and their various variables” .

The note indicated that the decided increases will be applied “from January” next, and “during 2023”, although it stressed that “the strategy applied by the Canal Authority allows to review the rates according to global economic conditions” and “the instantaneous variables for each category of ships”.

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The Suez Canal has increased the additional rates between 5 and 15% on several occasions so far this year, especially for the transport of fuel, taking into account the type of cargo on the ship or whether it is loaded or unloaded. empty.

Despite the fact that at the end of last year he had assured that he would freeze the rates for gas ships, on March 1, he applied an increase of 7% for the passage of ships with liquefied petroleum gas and 10% for those with natural gas, and two weeks later eliminated the 15% discount that had been applied to the latter for seven years.

The new increases in transit fares come as the Egyptian economy is going through one of its worst moments in years, mainly due to the repercussions of the war in Ukraine.

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The Egyptian currency has lost more than 22% of its value against the dollar since last March, while inflation shot up 40 percent, amid a drop in the country’s reserves in foreign currency, essential for food imports. for its population of more than 103 million inhabitants.

The Suez Canal, one of Egypt’s main sources of foreign currency income, brought in $7 billion in fiscal year 2021-2022, the highest in its 153-year history, and an increase of 20.7%. compared to the previous year (5,800 million dollars).

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