Egypt to raise fees for ships passing through Suez Canal

Reuters: Egypt has raised the fees paid by ships passing through the Suez Canal last week in an effort to boost revenue as the economy struggles to head off a currency crisis. The strategic waterway is one of the main sources of foreign currency, bringing around US$ 5 billion a year at a time when the country faces political unrest and economic turmoil.

The new toll fees will start after midnight on Tuesday, an official from the Suez Canal Authority said. They will rise 5% on oil tankers and petrochemical products and 2% for container ships and car carriers. Last year, tolls were raised by 3% for all ships passing through the canal. The 192-km (120 mile) canal is the quickest sea route between Asia and Europe, saving an estimated 15 days of journey time on average.