Economy of Egypt

A Greek-owned cargo ship carrying corn that went aground early on Monday in the Suez Canal was refloated and traffic through the crucial waterway was restored, Egyptian authorities said.

Egypt has said that it will increase transit fees for vessels, including oil-laden tankers, passing through Suez Canal, one of the world's most crucial waterways.

The Suez Canal Authority said in a statement on Sept. 17 that it will add 15 percent to the fees for tankers carrying oil and petroleum products, and 10 percent for dry bulk carriers and cruise ships.

Egypt's Suez Canal Authority announced yesterday an all-time revenue record, earning $7 billion during the last fiscal year following a series of toll hikes for vessels transiting the vital waterway.    

Between July 2021 and June 2022 - Egypt's fiscal year - some 1.32 billion tons of cargo were shipped through the canal, Suez Canal Authority (SCA) chief Osama Rabie said.    

The megaship which blocked Egypt's Suez Canal and crippled world trade for nearly a week has been "seized" on court orders until the vessel's owners pay $900 million, canal authorities said on April 13.

A canal services firm says that salvage teams have "partially refloated" the colossal container ship that remains wedged across the Suez Canal, without providing further details about when the vessel would be set free.

The Suez Canal authority issued a relevant statement

Salvage teams on March 29 set free a colossal container ship that has halted global trade through the Suez Canal, bringing an end to a crisis that for nearly a week had clogged one of the world's most vital maritime arteries.

Engineers on March 29  "partially refloated" the colossal container ship that continues to block traffic through the Suez Canal, a canal services firm said, without providing further details about when the vessel would be fully set free.

Efforts to dislodge a giant container ship blocking the Suez Canal have allowed its stern and rudder to move, but it remains unclear when the vessel will be refloated, the head of the canal authority said on March 27.

Turkish Satellite Göktürk-1 has captured the high definition image of the stuck Ever Given ship in the Suez Canal.

The MV Ever Given, which is longer than four football fields, has been wedged diagonally across the canal since March 23, blocking it in both directions.