- According to the notification published on its website, the Suez Canal Authority said the normal transit fees for oil-laden and petroleum products-laden tankers will be 15% up from current 5%.
The Suez Canal Authority has announced its decision to hike transit fees for vessels passing through Suez Canal effective from May 1st.According to the notification published on its website, the Suez Canal Authority said the normal transit fees for oil-laden and petroleum products-laden tankers, will be 15% up from current 5%.The revised tariff will be reviewed later according to changes in global shipping.
The new tariff are amendments to surcharge hikes imposed in March. The surcharge fees for chemical tankers, and other liquid bulk tankers will be 20% against earlier 10%. Laden and ballast dry bulk vessels will have their surcharges increased to 10%.
 Vessels carrying vehicles, general cargo, and heavy lift vessels, as well as multi-purpose vessels, will have to pay 14% instead of the current 7%, according to the canal Authorities. Normal transit fees of 5% will be applicable for Ballast crude oil and oil products tankers transiting the Canal.
The increase, the website was in tandem with the significant growth in global trade, the waterway development and the enhancement of the transit service. Widening and deepening of the waterway’s southern part has been on after a hulking vessel ran aground in March 2021 creating a six-day blockage that disrupted global shipment. The Suez Canal, a source of national pride and foreign currency for Egypt. Almost 10% of global trade, including 7% of the world’s oil, flows through these crucial waterways connecting the Mediterranean and Red seas. The traffic through the Canal recorded a 10% increase generating annual revenues of $6.3 billion in 2021.
Also Read;Â https://trendsnafrica.com/egypts-suez-canal-bank-clocks-24-growth-in-assets/
        https://trendsnafrica.com/egypt-launches-high-capacity-dredger-for-suez-canal/
