Suez Canal To Hike Tolls On Crude Tankers By 5%

Tyler Durden's picture

The raging second Egyptian Spring isn't quite the webcast ratings bonanza it was when it first struck in 2011, which makes sense as the current Muslim Brotherhood government has the full backing of the US and thus it is in "everyone's best interest" to not follow how close to a counterrevolution the nation once again is. And while for the time being the country's most valuable asset, the Egypt-controlled Suez Canal Authority is in "stable" hands, that does not mean that the government, which today announced its foreign reserves had dipped precariously to only $13.6 billion, can't enforce inflation where everyone else says deflation reigns. As a result, as of May 1, the tolls for any crude oil and other liquid tankers will rise by 5%, while tolls for other commodities will increase by 2-3%. Expect said additional infrastructure costs to be promptly passed on to end consumers around the globe.

From Seanews:

THE Suez Canal Authority has announced that tolls for the waterway will be increased from May 1.

 

For general cargo, ro/ro and passenger vessels the increase will be three per cent. Containerships and vehicle carriers will have the least increase at two per cent.

 

According to a detailed new tariff structure the tolls will increase by five per cent for crude oil tankers, petroleum product tankers, chemical carriers and other liquid bulk carriers, LPG, LNG and dry bulk carriers, said a port news report from GAC.