Suez Canal migration surcharges for loaded product tankers

The Suez Canal Authority (SCA) is increasing the surcharge for laden product tankers transiting the waterway.

From April 1st this year, product tankers navigating the canal in both directions will be subject to a 25% surcharge on top of normal transit dues. The surcharge for loaded product tankers increases from 15%, which has been levied since May 2022.

For ballasted product tankers transiting the canal in both directions, the surcharge on top of the normal transit dues will remain at the 15% level that has also been levied since May 2022.

The SCA said the surcharges are consistent with ​“significant growth in world trade” and improvements in vessel economics.”

The canal charges higher tolls for high-performing shipping sectors while offering rebates for poorly-performing sectors that might otherwise divert to longer routes to save costs.

The product tanker sector has enjoyed its best market for years, boosted by the impact of sanctions on Russia on tonne miles.

From January 2023, the SCA increased tolls by 15% for most vessel types, including tankers. The gains exclude the underperforming bulk and cruise lines sectors and companies still recovering from the impact of the pandemic.

Source: News Network