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The Suez Canal Authority announced that transit tolls will rise 15% for most vessel types and 10% for dry bulk and cruise ships starting in 2023. The authority cites rising energy prices, freight rates and charter rates.
The canal handled 20,649 vessels last year, and its annual revenue reached a record $6.3 billion.
Higher canal tolls add to voyage costs on Asia-Europe routes and for dry bulk cargoes that use Suez, which can lift freight rates for feed grains. The impact is a cost increase that is more gradual than a physical disruption.
chinadaily.com.cnSep 18, 2022Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
