Egypt's Suez Canal Authority announces increase in transit fees

This decision marks the first increase in transit fees over the past three years. The new policy is expected to raise global shipping costs for raw materials and steel products.

According to the newly announced tariff structure, additional transit fees for bulk carriers will increase from 10% to 22%, while the increase for certain vessel categories will reach as high as 26%. No changes will be made to transit fees for container ships.

The Suez Canal Authority introduced this measure at a time when maritime traffic through the canal has increased by 14% to 28% and canal revenues have been on the rise. The new regulation is expected to create additional cost pressure for steel exporters across the Middle East, Asia, and the Black Sea region.