The plunge in the oil price and following it marine fuel prices have resulted in some container lines to make the longer sailing on the backhaul to Asia via the Cape of Good Hope as the additional fuel costs are lower than paying tolls to transit the Suez Canal.
“Taking into consideration the recent situation of the shipping market and global economy, and in line with The Suez Canal Authority (SCA) flexible marketing policies which consider the mutual benefits of SCA and its customers, the SCA has decided to increase the incentives for container ships passing through the Suez Canal,” the authority said in a circular.
Container vessels coming from Northwest Europe and Tangier via the Suez Canal to Asia are to be granted a 17% rebate on tolls from 1 May to 30 June 2020.
For vessels from the Port of Norfolk and northwards on the east coast of North America and headed to Port Klang, Malaysia eastwards, via the Suez Canal will be granted a 60% rebate in the period. From ports south of Norfolk headed to Port Klang will be granted a 75% rebate. For vessels destined for ports between Colombo and Port Klang the rebate. will be 65%.
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