Suez Canal Revises Transit Surcharge Rates for Vessels

The Egyptian state-owned "Suez Canal Authority," the agency that owns and manages the Suez Canal, has announced a price hike concerning surcharges on transit fees paid by the vessels crossing the canal. This hike will be effective from May 1st.

The surcharge levied on petroleum product tankers and laden crude oil tankers transiting in either direction will be increased to 15% instead of the regular 5%. It is said that the specific categories of ballast crude oil tankers and petroleum product tankers are still required to pay only a 5% surcharge.

The surcharge levied on LPG tankers, chemical tankers, and other liquid bulk tankers will be increased to 20% from the earlier 10%. The surcharge on laden and ballast dry bulk vessels has been increased to 10% from the earlier 5%. At the same time, the surcharge on all the other vessels has been amended to 14% from the earlier 7%.

The Suez Canal Authority has stated in a circular that the increase in surcharge has been made because of the significant growth in global trade, the improvement in the ships' economics, and the enhancement of the transit service the agency provides. These surcharges are temporary and may be amended or wholly rescinded if the maritime market conditions warrant it. The Suez Canal reported revenue of $545.5 million, a jump of 15.1% in February owing to the record rise in ships transiting. The number of ships that transited was 1713 instead of the 1532 ships that transited the year before.

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