EMEA News
Suez Canal Tolls Rise
The Suez Canal Authority (SCA) has raised tolls by 5 percent for oil and petrochemical product tankers and by 2 percent for containerships and car carriers, Reuters Middle East reports.
The new fees took effect Wednesday as the Egyptian government seeks ways to boost revenue and prevent a currency crisis.
Last year, the SCA increased tolls on the waterway, which is one of the nation's main sources of foreign currency, by 3 percent.
The announcement of plans for the new toll hikes earlier this year prompted the International Chamber of Shipping (ICS) to warn that the added expense might cause financially strapped ship operators to seek alternate routes.
Some companies, including Nordic Bulk Carriers A/S (Nordic), have cited the Suez tolls as a factor in switching some Europe-Asia voyages to the Northern Sea Route, but at least one carrier, Maersk Line, has moved Asia-U.S. routes from the Panama Canal to the Suez to allow for the use of larger, more fuel-efficient ships.
