Suez Canal tolls to be higher with 2-2.6% for oil tankers

By Finance

Egypt is planning another rise of the tolls for the Suez Canal with 2-2.6%. Three years in a row tolls are becoming higher and higher for all vessels passing through the canal, as well as crude oil and refined product tankers. Suez Canal authority announced that the new higher fees go into effect on May 1. There will be a difference in the tolls depending of the size of the tankers. 

It is estimated that fees or transit dues for a Suezmax transporting crude oil of up to 130,000 mt will be higher with 2.3%. For other types of vessels, for example Aframax crude oil tankers which are capable of carrying 70,000-80,000 mt, tolls are expected to be higher with 2%. Fees are estimated to be higher with 2.6% for a clean tanker sailing with cargo capacity of up to 120,000 mt.

For a comparison with last year, toll fees for oil tankers were between 2.5% and 5% higher. Suez Canal is an artificial connection between the Mediterranean Sea and the Red Sea. It was finished in November 1869 after 10 years of construction work. Through that canal ships can sail between Europe and Asia without navigation around Africa. Suez Canal is one of the busiest shipping lanes in the world and Egypt needs it because it is the country's largest source of revenue. Traffic volumes show that world maritime trade is in good health.