Suez Canal Cuts Tolls for VLCCs on US-Arabian Gulf Route
- Business & Finance
The Suez Canal Authority has reduced transit tolls for Very Large Crude Carriers (VLCCs) of more than 200,000 dwt in ballast coming from America and heading for the Arabian Gulf, GAC Egypt said.
According to a circular released by the Suez Canal Authority, the vessels coming from the Gulf of Mexico, the Caribbean and the North Coast of South America would receive a 45% reduction from the applicable Suez Canal transit tolls excluding other services dues.
In order to receive the reduction, a company needs to submit a request before the transit through its agency, subject to forward a certificate from the port of origin and a certificate from the port of arrival after transit.
Furthermore, in case of stopping in between ports, a certificate stating the reason of stoppage is to be submitted as well as an undertaking from the shipping agency confirming the payment of the whole transit dues without any rebates in case of changing port of origin or port of arrival.
The documents should be submitted a maximum of 60 days from the date of transit, GAC Egypt added.
According to the Suez Canal, the circular came into effect as of July 24 as an experimental period to be renewed.