Egypt's Suez Canal announces hike in passage tolls

Egypt's Suez Canal Authority announced Tuesday additional tolls for transiting vessels including fuel tankers, as oil prices soar in the wake of Russia's invasion of Ukraine.

Petroleum gas tankers will see a 10 percent hike on passage fees while liquefied natural gas carriers and general cargo ships will incur a seven percent increase, an SCA statement said.

Ships carrying petroleum products will be hit with a five percent rise under the new tolls, which are effective immediately.

A six percent fee hike had already come into effect earlier this year, though cruise ships and liquefied natural gas carriers were exempt.

SCA chief Osama Rabie said the new fees would be evaluated and could be re-adjusted.

The vital waterway connecting the Mediterranean and the Red Sea provides passage for around 10 percent of all global maritime trade and is one of Egypt's main sources of foreign currency revenues.

In 2021, some 1.27 billion tons of cargo were shipped through the canal, earning $6.3 billion dollars in transit fees, 13 percent more than the previous year and the highest figures ever recorded, Rabie said in January.

The conflict in Ukraine has caused a surge in oil prices amid concerns that Russian energy supplies could be curtailed.