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Suez Canal Hikes Jet Fuel Transit Fees

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Egypt’s Suez Canal Authority (SCA) will hike transit fees for jet fuel tankers and other vessels by 15% next year, ahead of an expected surge in canal traffic as sanctions against Russian upend global crude and product flows. The canal links markets in Europe and Asia and offers East of Suez jet producers a two-week shortcut to Europe compared to sailing around Africa. In a Sep. 17 notice, SCA chairman and managing director Admiral Ossama Rabiee said rising freight rates were behind the new higher canal tolls. The SCA says it uses various market “pillars” to set rates which decrease steadily for additional tonnage. Daily charter rates are the most important pillar, alongside the cost of bunker fuel and other operational charges, all of which have risen sharply this year. Charges are expressed in IMF units XDR but collected in other major currencies.

Topics:
Jet Fuel, Oil Tankers
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