An increase in fees for Suez Canal transiting

Economy
  • 17-09-2022, 18:18
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    Baghdad-INA 

    Egypt announced today, Saturday, an increase in fees for crossing the Suez Canal for all types of ships in the canal by 15%, except for dry bulk vessels and cruise ships, which will increase by 10%.

    The head of the Egyptian Suez Canal Authority, Lieutenant-General Osama Rabie, said in a statement, "The implementation of the planned increase will start from January 2023.".

    Rabie added, "The authority was keen to implement a balanced and flexible pricing and marketing strategy that achieves the common interests of the authority and its clients and takes into account global economic conditions and their various variables,".

    In addition to that "the decision comes in light of the continuous follow-up to developments in the market variables of the maritime transport sector, which monitors the continued rise in the time charter categories. The daily rate of most types of ships reached unprecedented levels and expectations of their continuation over the next year.
    He pointed out, in this regard, that "the rental values of crude oil tankers increased by 88 percent over the 2021 average, as well as the rise in the rental values of LNG tankers by 11 percent over the 2021 average.".

    He pointed to the impact of the rise in energy prices on the equation for calculating the fees," noting that "the continuation of the rise in crude oil prices above the level of $90 per barrel and the rise in the average price of liquefied natural gas above the level of $30 per million thermal units lead to a rise in the average price of ship fuel."