Suez Canal charging very large crude carriers coming from Arabian Gulf $155k

Egypt’s Suez Canal Authority has set new toll rates for oil tankers as part of a six-month experiment that went into effect Thursday, it announced on its website.

Very large crude carriers (VLCCs) transitting the canal from the Arabian Gulf after discharging at the SUMED oil pipeline will be charged $155,000 if they are carrying more than 250,000 in deadweight tonnage.

The VLCCs are to pay $230,000 on their return ballast trip.

The canal is one of Egypt’s main sources of foreign currency. Egypt has been struggling to revive its economy since the revolution of 2011 scared away many foreign investors and tourists, its other main sources of hard currency.

President Abdel Fattah al-Sisi inaugurated an $8 billion expansion of the canal last year that aims to double daily traffic and increase annual revenue to more than $13 billion by 2023.

Source: Reuters