The Suez Canal will raise its tolls by up to 10% for most vessels that pass through the canal beginning on March 1. The toll will affect all cargo vessels, and comes as the waterway has been experiencing record traffic. Cruise ships will be excluded from the toll hike.
The decision is “in line with the significant growth in global trade, the improvement of ships’ economics, the Suez Canal waterway development and the enhancement of the transit service,” the canal authority says, according to Reuters. About 12% of international trade passes through the canal, which provides transit between Asia and Europe.
Nearly a year ago, in March 2020, the canal was blocked for nearly a week by the Ever Given container ship, which prevented maritime traffic in both directions.