Suez Canal Extends Toll Cuts for Crude Carriers

TankerIllustration. Image Courtesy: Pixabay under CC0 Creative Commons license

The Suez Canal Authority (SCA) has extended discounts related to oil tankers to another year after considering “new changes in the global shipping market and world economy”. 

As explained, SCA aims to encourage more ships to transit the Suez Canal with this decision.

The authority decided that circular no. 1/2018 concerning crude oil tankers (laden or ballast) coming from ports of the US Gulf, Caribbean area and Latin America and heading to Asian ports, will remain in force from January 1 to December 31, 2019, after certain amendments.

Specifically, crude oil tankers coming from or heading to ports of the US Gulf, Caribbean area and heading to or coming from ports west of Indian subcontinent — starting from Karachi till Cochin — will get a reduction of 50% of the Suez Canal normal tolls.

In addition, tankers heading to or coming from ports located east of Cochin port will be granted a reduction of 75% of Suez Canal normal tolls.

Crude oil tankers coming from or heading to ports of Latin America starting from Colombia and its southern ports and heading to or coming from the Asian ports starting from Karachi port and its eastern ports will receive a reduction of 75% of Suez Canal normal tolls.

What is more, SCA decided that circular no. 03/2016 and its periodical concerning very large crude carriers (VLCC) that transit the canal after discharging a part of their cargo in SUMED pipeline on their round trip from the Arabian Gulf — heading to the American Gulf or the Caribbean zone — will remain in force until the end of December 2019.

A VLCC coming from the south is to pay a lump sum of USD 155,000, including charges of tugs, charges for arrival after limit time and charges for booking in the convoy.

In addition, a VLCC will pay a lump sum of USD 180,000 on its return ballast trip.

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