File photo: Egypt s Suez Canal
The fees for electronic services will be raised again in January 2025 to $500, according to the latest periodical navigation circulars released by the Suez Canal Authority (SCA) on Tuesday.
The current $50 fee will remain in place till the end of August 2024.
According to the SCA, the electronic fees will be collected in the same currency in which the vessel’s transit dues had been collected, based on the exchange rate in effect on the transit date.
The electronic service fee is an additional fee besides the transit dues.
Some vessels will be exempted from the electronic service fees, including those exempted from transit dues and small floating units (of Suez Canal Gross Tonnage less than 300 tons except for Navy Ships), according to SCA.
The Suez Canal, which moves 12 percent of all world trade, is one of the main sources of foreign currency to Egypt.
During the 2022/2023 fiscal year, its revenues hit a record-breaking $9.4 billion.
However, the 2024 revenues have seen a decline of more than 50 percent due to the current Red Sea tensions.
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