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Suez Canal hiking surcharges for laden product tankers

Norden A Norden Tanker's Bridge seen from the deck
The Suez Canal Authority (SCA) is increasing the surcharge for laden product tankers transiting the waterway.

A 25% surcharge to normal transit fees will apply to product tankers transiting the canal in both directions from 1 April this year. The surcharge for laden product tankers increases from 15% which has been levied since May 2022.

For product tankers in ballast transiting the canal in either director the surcharge over normal transit fees will remain at the 15% level also levied since May 2022.

The SCA said the surcharges were in line with ​“the significant growth in global trade” and the improvement of ships’ economics”.

The canal levies higher tolls on well-performing shipping sectors, while offering discounts to poorly performing sectors that might otherwise divert to longer routes to save costs.

The product tanker sector has been enjoying its best market in years buoyed by the impact of sanctions on Russia on tonne miles.

From January 2023 the SCA increased tolls for most vessel types, including tankers by 15%. The increases excluding the poorly performing dry bulk sector and cruise ships and business still recovering from the impact of the pandemic.