Egypt’s Suez Canal Authority (SCA) said on Tuesday it will increase transit surcharge fees for crude oil and petroleum product tankers starting in April.
Navigation circulars issued by the SCA provided details on the upcoming changes. According to the circulars, the surcharges on both laden crude oil and petroleum product tankers are set to increase from 15% to 25% of normal transit fees, while the surcharges for empty (ballast) tankers will increase to 15%, from 5% currently.
The changes will take effect starting April 1 and apply to vessels transiting in both directions.
The SCA said the changes are due to “significant growth in global trade, the improvement of ships’ economics, the Suez Canal waterway development, and the enhancement of the transit service.”
The circulars said the additional fees are temporary and can be modified or canceled according to the changes in the maritime market.
The SCA has steadily increased tolls and surcharges on just about all vessel types over the past two years amid pandemic-related impacts on global trade. The latest changes come as Russia’s invasion of Ukraine has upended global energy markets and redrawn trade routes. Meanwhile, Egypt is also working to improve navigation through the Suez Canal by widening and deepening portions to allow for two-way traffic following the grounding of the Ever Given in March 2021, which the blocked the critical waterway for six days.
The current surcharges on crude oil and petroleum product tankers (of 15% for laden and 5% for ballast) have been in place since May 1, 2022.
