Suez Canal gives shipping industry a break

Shipping organisation, BIMCO says the recent “no increase of Suez Canal tolls” announcement will be a 'welcome easing' for ship owners and operators
Suez Canal gives shipping industry a break

BIMCO has come out with a statement saying the Suez Canal has provided the shipping industry with a brief respite, after declaring that there will be no increase in the tolls.

On 4 February 2015, the Suez Canal Authority published its Transit Dues for the year 2015, and stated that there will be no increase of tolls in 2015. The only exception being that there will be an increase of 10 percent for LNG ships as the standing 35 percent reduction in tolls changes from May 1 2015 to a 25 percent reduction.

Speaking about the Suez Canal Authority announcement, chief shipping analyst at BIMCO, Peter Sand said: “As the global economics do not provide any respite, this announcement is welcome.

“Dry bulk shipping industry is particularly hard hit at the moment, with the BDI hitting a three-decade low level.

"Any offsetting of the cost escalation of daily operations is useful. Bunker prices are down 60 percent from seven months ago and now unchanged tolls are well received.

“Realising that now is not the time for price hikes shows that the Authority is aware of the serious condition of global shipping.”
 

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by Laura Stackhouse

readmt.com Editor

Laura Stackhouse is the Web Editor of readmt.com, an official publication of the International Marine Purchasing Association (IMPA). To discuss news, features or contributing to readmt.com please get in touch.

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