The Suez Canal Authority (SCA) has decided to raise transit fees for ships by 6% in 2022 compared to 2021 starting from February, Chairman of the SCA, Osama Rabea, stated on Thursday. He mentioned that cruise and LNG vessels are to be excluded from the increase. The fees will be as they were in 2021.

Chairman of the SCA affirmed the authority’s keenness to apply a flexible yet balanced marketing and pricing strategy – an imperative step forward, the way he explains, to introduce mechanisms to handle ever-evolving global economic variations and conditions.

He explained how these mechanisms consider estimating the tolls of all transiting vessels, which permits providing navigational services through the canal per a model policy. The services involve maintaining the canal’s leadership and making it the fastest, shortest, and the most optimum choice for clients when compared to other routes.

Image Credits: suezcanal.gov.eg

Rabea added that this decision comes through in light of the follow-up to the recent variables of LNG-specific seaborne trade. There will be integration with the development of flexible marketing policies this way. There will also be a subsequent reduction percentage offered to LNG tankers that has been modified from 25% to 15%.

Rabeaa also added that the transit fees finalized for cruise vessels that were transiting the Suez Canal is due mainly because these vessels were the worst hit owing to the pandemic compared to other vessels.

Recently, the revenues from the Suez Canal, despite challenges experienced a significant boom. Navigation-specific statistics this year, from January to October recorded $5.2 billion. In 2020, during the same period, $4.6 billion was recorded.

That indicates a cumulative increase of 12.4% estimated at $575.1 million.

For Egypt, the canal is one of the primary sources of foreign currency flow. It generates nearly $5.84 billion every year.

The canal serves as a primary pathway of global trade, witnessing 10% of the global trade, 25% of containerized goods trade, and 100% of seaborne container trade between Asia and Europe.

Reference: suezcanal.gov.eg

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Suez Canal Increasing Transit Tolls Of All Types Of Ships With 6% During 2022

Suez Canal Authority issued new resolutions concerning the fees of the transiting ships through the canal to be applied during the next year 2022. Moreover, Admiral Osama Rabea, Chairman of Suez Canal Authority, announced, on Thursday, increasing the transit tolls of all the types of transiting ships through the canal by 6% during 2022 compared to 2021…Read the full article

Suez Canal: Cruise And LNG Vessels Are To Be Excluded From Increase In Transit Fees appeared first on Marine Insight – The Maritime Industry Guide

Source: Maritime Shipping News