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Suez Canal Hikes Crude Oil Tanker Tariffs By 25%

Suez Canal Hikes Crude Oil Tanker Tariffs By 25%

In a major development, the Suez Canal Authorities have hiked the tariffs for oil tankers to a great extent. As opposed to the usual 10% hike, the tax has been increased by 25% for crude oil tankers and 15% for empty tankers.

The SCA defended this price hike stating that the development of maritime routes coupled with the growth in naval economies and the increase in global trade has made this decision essential. 

SCA Chief Osama Rabie termed this “inevitable”, given the inflation rates. Earlier in March 2022, the canal authorities levied new surcharges on ships. 

The rates will be applicable from April onwards, and these tariffs are subject to change as per the dynamics of the navigation market.

In 2022, nearly 8% of SCA’s revenue came from tankers. 

The Suez Canal accounts for more than 12% of global maritime traffic.