Egypt announced on Saturday that it will raise transit fees in 2023 for all types of vessels passing through the Suez Canal.
The World's Most Powerful Are Gathered in London for Queen Elizabeth II's Funeral. Here's Who Is — and Isn't — ThereAn analyst told CNBC that while the rise in Suez dues won't have a"massive impact" on trade flows, it will fuel ongoing inflation.
"Oil prices are currently dropping and so if the canal prices itself out against the competition then the Canal Authority would lose out," said the chairman of Mandarin Shipping, Tim Huxley.after the Russian-Ukraine war broke out, to tapering to around $80-$90 per barrel in recent weeks.
Huxley added that the increased fees will be passed on to customers, which will in turn fuel inflation.in consumer prices in August. Rising food and shelter costs offset a decline in gas prices.Another analyst said that despite the rise in fees, the Suez Canal is still a substantially cheaper route for vessels.A vessel on the Suez Canal in Ismailia, Egypt, on Jan. 3, 2022.
"The savings of sailing via the Suez Canal are still very large, particularly due to ... very high oil and bunker prices. In addition, the shipping markets are generally seeing high demand and low vessel availability. This also encourages shipowners to send vessels via the fastest routes,"Rasmussen said that he does not expect shipowners to turn to alternative routes, such as sailing south of Africa.
"Shipping markets are generally seeing high demand and low vessel availability. This also encourages shipowners to send vessels via the fastest routes," said Rasmussen.
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Egypt's Suez Canal Fee Hike Won't Have a ‘Massive' Impact on Trade Flows, Analyst SaysEgypt announced on Saturday that it will raise transit fees in 2023 for all types of vessels passing through the Suez Canal.
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