Suez Canal Authority to raise tolls again

Having already raised fees three times in quick succession this year, the Suez Canal Authority (SCA) has warned shipowners of another increase coming up.

The SCA will raise fees for tankers by 15% starting in the new year, while bulk ships and cruise vessels face a 10% increase in fees to transit the waterway linking Asia with Europe.

The SCA announced a general 6% upward tariff revision in February this year and then introduced new surcharges adding a further five to 10% in fees the following month followed by further increases of the rates ranging from seven to 20% in May.

The other major canal, the Panama Canal, has unveiled a new tolls system, due to come into effect next year, which will also see fees rise dramatically.

Meeting in Singapore earlier this month, before this latest Suez rise, delegates of the Asian Shipowners’ Association (ASA) expressed their confusion and concern over the substantial toll increases in both canals.

“Delegates shared a perception that such a significant toll hike may not be compatible with the long-term sustainability required for a global infrastructure,” the ASA stated in an official communique.