After Egypt’s Suez Canal Authority (SCA)'s toll adjustment to cruise ships and dry bulk ships in January 2023, the SCA again released its newly adjusted surcharges on pass through tankers.

Full-laden tankers' surcharge was adjusted to 25% of the normal transit fee, and the empty tankers' surcharge was adjusted to 15% of the normal transit fee, effective from April 1.

The SCA further emphasized additional changes in surcharges may incur due to future fluctuations in the shipping market.

The Suez Canal is the pivotal hub situated between Europe, Asia, and Africa, connecting the Red Sea and the Mediterranean Sea, and is one of the biggest sources of income and foreign exchange for Egypt.

In recent years, the SCA has expressed concerns regarding the pandemic and wars impacting the economy. Since the Ukrainian-Russian war last year, the SCA has enacted a series of toll increases to compensate for the decreased foreign investments.

The SCA reported that the revenue totaled US$8 billion in 2022, up by 25% year on year and hitting a record high. Professionals have attributed the increase in revenue to the increased oil demand, with transportation being highly reliant on the Suez Canal.