BIMCO reports that the decision not to increase tolls on the Suez Canal will be a relief to the global shipping industry, which is suffering from the slow pace of the global economic recovery.
The Suez Canal Authority published its Transit Dues for 2015 on 4 February, which stated that the toll rates will remain at 2014 levels, with the exception of LNG ships, which will see a 10% increase as the standing 35% reduction in tolls changes from 1 May 2015 to a 25% reduction.
Chief Shipping Analyst at BIMCO, Peter Sand, says:
“As the global economics do not provide any respite, this announcement is welcome.
“Dry bulk shipping industry is particularly hard hit at the moment, with the BDI hitting a 3-decade low level.
"Any offsetting of the cost escalation of daily operations is useful. Bunker prices are down 60% from 7 months ago and now unchanged tolls are well received.
“Realising that now is not the time for price hikes shows that the Authority is aware of the serious condition of global shipping.”
Adapted from press release by Katherine Guenioui