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Egypt’s Suez Canal Increases Tolls for Laden Crude Oil Tankers

Egypt’s Suez Canal Increases Tolls for Laden Crude Oil Tankers

Tuesday, 22 March, 2022 - 17:30
Osama Rabie, Chairman of the Suez Canal Authority, speaks during a news conference, in Suez, Egypt February 15, 2022. (Reuters)

Egypt's Suez Canal Authority said on Tuesday it will temporarily increase a surcharge levied on laden crude oil tankers and petroleum products tankers transiting the canal in both directions to 15% of normal dues from 5%, effective May 1.


It said that ballast crude oil tankers and petroleum products tankers transiting the Canal in both directions are still required to pay a surcharge of 5% of normal transit dues.


The changes come "in line with the significant growth in global trade, the improvement of ships' economics, the Suez Canal waterway development and the enhancement of the transit service", according to series of circulars published on its website on Tuesday.


The surcharge levied on laden and ballast liquefied petroleum gas tankers, chemical tankers and other liquid bulk tankers will be also increased to 20% of normal transit dues, from 10% previously.


The Authority also said it will change the surcharge levied on laden and ballast dry bulk vessels transiting the Canal in both directions, to 10% of normal transit dues, compared with 5% previously, while the surcharge levied on other vessels was amended to 14% from 7%.


"These surcharges are temporary and can be either amended or cancelled according to the maritime industry market conditions", a canal authority circular said.


The Suez Canal posted a 15.1% jump in revenue in February to $545.5 million.


Canal revenue surged after a record rise in transit rates, with 1,713 ships passing through the waterway versus 1,532 a year earlier, Suez Canal Authority Chairman Osama Rabie said on March 1.


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