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World Affairs
Pradeep Kumar

02/03/22 10:25 AM IST

Suez Canal toll hike

In news

The Suez Canal Authority increases tolls by 10% for passing ships, in light of the growing crisis in Ukraine.

Details
  • Transit fees for liquefied petroleum gas, chemical tankers, and other liquid bulk tankers increased by 10%.
  • Vessels carrying vehicles, natural gas and general cargo, as well as multi-purpose vessels, will see an increase of 7%, while a 5% increase will be imposed on oil and crude tankers and dry bulk vessels
  • A six percent fee hike had already come into effect earlier this year, though cruise ships and liquefied natural gas carriers were exempt.
  • About 10% of global trade, including 7% of the world's oil, flows through the Suez Canal, which connects the Mediterranean and Red seas. 
For Egypt, the canal -- which first opened in 1869 -- is a source of both national pride and foreign currency.

Suez Canal
  • It is a sea-level waterway running north-south across the Isthmus of Suez in Egypt to connect the Mediterranean and the Red seas.
  • The canal separates the African continent from Asia, and it provides the shortest maritime route between Europe and the lands lying around the Indian and western Pacific oceans.
  • It is one of the world’s most heavily used shipping lanes.
  • The canal extends 193 km (120 miles) between Port Said (Būr Saʿīd) in the north and Suez in the south, with dredged approach channels north of Port Said, into the Mediterranean, and south of Suez.
  • The canal does not take the shortest route across the isthmus, which is only 121 km (75 miles).
  • Instead, it utilizes several lakes: from north to south, Lake Manzala, Lake Timsah, and the Bitter Lakes—Great Bitter Lake and Little Bitter Lake.
Source: The Hindu

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