Suez Canal's new toll fees to be applied as of today

Egypt has hiked the toll fees by up to 5 per cent for vessels transiting through the strategic Suez Canal, authorities said today.
A 5 per cent fee hike will be imposed on oil tankers and vessels carrying petrochemical products, while containers and car carriers' toll fees has been hiked by 2 per cent. Toll fees for other vessels has been increased by 3 per cent, Egyptian news agency MENA reported.
The last hike was enforced last year, when the Suez Canal Authority (SCA) effected a 3 per cent rise for all ships passing through the strategic waterway. The Suez Canal received USD 5.129 billion in revenues, with 17,252 different vessels transited the waterway last year.

The decision to raise fees was taken based on recent studies conducted by the authority on global economic and trade growth and expectations for the vessel movement to ensure the best revenues from this important waterway.
Suez Canal revenues have become more important because the Egypt's foreign currency reserves have shrunk from USD 36 billion on the eve of the 25 January Revolution to USD 13.5 billion currently, the newspaper 'Daily News' reported.
Egypt received USD 398.5 million in revenues from the Suez Canal in March, according to a recent statement by the SCA.
The Suez Canal, which connects the Mediterranean and Red Sea, preventing ships from having to go around the Cape of Good Hope at the southern tip of Africa, is one of the country's main sources of foreign currency revenues, along with tourism and oil and gas exports.