Egypt’s GASC amends wheat purchase terms to ease costs for suppliers

Egypt’s state grain-buyer GASC has amended some of its wheat purchasing tender terms to reduce costs for suppliers ahead of an international purchase tender on Tuesday, a tender document reviewed by Reuters showed.

The world’s largest wheat buyer has reduced the cost of sieving to $2 per tonne from $3, and suppliers will now pay $10,000 per day for up to ten days for demurrage fees at Egypt’s port from $12,000 per day for up to 12 days, the document showed.

Suppliers have complained in recent months of a spike in these demurrage fees, or costs for keeping their vessels at the port beyond the contracted period, and say Egypt’s lengthy inspection process drives up costs.

Source: Reuters