Suez Canal toll increase

The toll that ships have to pay to use the Suez Canal is being increased by 15 per cent by Egypt. Due to inflation, the Suez Canal is facing higher costs, which is why the canal operator has decided to increase tolls. The Red and Mediterranean seas are connected by the Suez Canal, this canal significantly reduces transit times between Asia and Europe. Last financial year, 1.3 billion tonnes of cargo was transported through the Suez Canal and one of Egypt’s main sources of revenue generated $7 billion in revenue.

The Suez Canal was in the news extensively in 2021 after the Ever Given crossed the canal and caused a blockade for days. As a result of the blockade, the Suez Canal operator announced plans to widen the canal more quickly. This work is expected to be completed during 2023.