Suez Canal says transit fees for ships will increase in May

CAIRO (AP) — Egypt says it will increase transit fees for vessels, including oil-laden tankers, passing through Suez Canal.

The Suez Canal Authority says it will add 15% to the normal transit fees for oil-laden and petroleum products-laden tankers, up from current 5%.

It says the increases will take effect starting May 1, and could later be revised or called off, according to changes in global shipping.

Surcharge fees for chemical tankers, and other liquid bulk tankers will be hiked to 20% up from 10%.

The canal the increases come “in line with the significant growth in global trade ... and the waterway development and the enhancement of the transit service.”