May 28, 2024

Valley Post

Read Latest News on Sports, Business, Entertainment, Blogs and Opinions from leading columnists.

Increased transit fees through the Suez Canal by up to 10%

Increased transit fees through the Suez Canal by up to 10%

(Ecofin Agency) – In November 2021, the Suez Canal Authority announced an increase in vessel transit fees. The expected date of entry into force of the new fees was not respected, and the rates of increase exceeded what was indicated.

The Suez Canal Authority continued, Tuesday, March 1, to increase transit fees for ships using this shipping lane by 5-10%. Motivated decision Significant growth in world trade as well as by Transportation service development and improvement needs “.

at A series of press releases published on its websiteThe public body indicated that under the new provisions, transit fees will increase “At 10% for vessels carrying liquefied petroleum gas, chemicals and other liquid products in bulk, 7% for multi-purpose vessels and those carrying vehicles and natural gas as well as general consumer goods, and 5% for tankers and dry bulk carriers.”

In the view of some observers, these price increases are also due to the investments made by the operator as of June 2021 for the expansion work of certain sections of the channel after the grounding of Ever Given. It was already a few months later, in numbers, he announced a 6% increase in transit fees.

These additional fees will likely affect the cost of goods for shippers, which will affect consumer prices.

Henok Dosa

See also  11 soldiers killed in jihadist attack