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Suez Canal provides respite for shipping industry

LNG Industry,

According to BIMCO, the announcement by the Suez Canal Authorities that there will be no increase in canal tolls comes as a welcome respite to the global shipping industry.

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

Chief Shipping Analyst at BIMCO, Peter Sand, commented: “As the global economics to not provide any respite, this announcement is welcome. Dry bulk shipping industry is particularly hard hit at the moment, with the BDI hitting a 3-decade low level.

"Any offsetting of the cost escalation of daily operations is useful. Bunker prices are down 60% from 7 months ago and now unchanged tolls are well received. Realising that now is not the time for price hikes, show that the Authority is aware of the serious condition of global shipping.”

Adapted from press release by Katie Woodward

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