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July 27, 2021
Business

Egypt’s Suez Canal charging VLCCs coming from the Arabian Gulf $155,000

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CAIRO (Reuters) – Egypt’s Suez Canal Authority has set new toll rates for oil tankers as part of a six-month experiment that came into effect on Thursday, it said on its website.

Very large crude carriers (VLCCs) transitting the canal from the Arabian Gulf after discharging at the SUMED oil pipeline will be charged $155,000 if they are carrying more than 250,000 in deadweight tonnage.

VLCCs are to pay $230,000 on their return ballast trip.

The canal is one of Egypt’s main sources of foreign currency. Egypt has been struggling to revive its economy since a 2011 uprising scared away tourists and foreign investors, other main sources of hard currency.

President Abdel Fattah al-Sisi inaugurated an $8 billion expansion of the canal last year that aims to double daily traffic and increase annual revenue to more than $13 billion by 2023.

(Writing by Ahmed Aboulenein; Editing by Andrew Bolton)

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