Cash-strapped Egypt hikes Suez Canal transit fees for ships

CAIRO (AP) — Cash-strapped Egypt has increased transit fees for ships passing through the Suez Canal, one of the world’s most crucial waterways. Authorities say the new fees — some including hikes of up to 10% — have started on Tuesday. A statement says the hikes are “in line with the significant growth in global trade” and also cites the canal’s “development and enhancement of the transit service.” Canal authorities have been working to widen and deepen the waterway’s southern part, where a hulking vessel ran aground and closed off the canal in March 2021.