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Suez Slashes Discount for LNG Carriers

Suez Slashes Discount for LNG Carriers
Transit dues for 2015 will remain unchanged from those valid in 2014, with the exception of the discount for LNG carriers’ transit, the Suez Canal Authority said on Wednesday.

As informed by GAC Egypt, as of May 1st, 2015, the discount for LNG carriers’ transit tolls will be 25%, down from 35%.

The reason behind the decision to cut the discount remained undisclosed.

Authority Chairman Mohab Mahmish told a press conference that the canal revenues in 2014 reached USD 5.45 billion,  an increase of 6.8 % when compared to the figures from 2013, Reuters reports.

The canal closed the year with a total of 962.7 million tonnes that transited the canal.

In early August 2014, Egypt’s president, Abdul Fatah al-Sisi, announced plans for the New Suez Canal.

The New Suez Canal will partially run in parallel to the current waterway and entail widening and deepening of existing parts thereof.

Dredging works on the extension are already in full swing.

The decision comes as Panama Canal endeavors to tap into the potential of LNG carrier transits.

The ACP proposed a new toll structure in January, including tolls for LNG vessels, providing an incentive for the new LNG segment.

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