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2022-03-01 05:17
Iraq is among those affected.. The Suez Canal Authority raises transit fees for tankers
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2022-03-01 05:17
Shafak News/ The Suez Canal Authority said; It will increase fees on ships transiting the main waterway by 5% to 10% effective today, March 1.
And according to S&P Global Platts Analytics. Tankers of crude oil and refined products will see a 5% increase over the normal transportation fee, while LNG carriers will see a 7% increase. Smaller LPG and chemical tankers will see a 10% rise.
The 120-mile canal connects the Red Sea with the Mediterranean, is a strategic route for shipments of crude oil, petroleum products and liquefied natural gas, and sees the transit of more than 18,000 ships annually, according to the Securities and Commodities Authority.
Before the pandemic affected trade flows, the canal transported about 5 million barrels per day of crude oil and petroleum products and 31 million tons of liquefied natural gas in 2019.
Major crude oil producers, such as Saudi Arabia, Russia, Iraq, UAE, Azerbaijan, Kazakhstan, Norway, Kuwait, Libya and Algeria, depend on the Suez Canal to export their crude oil. Flows of petroleum products have also risen in recent years, and Europe sends a large amount of naphtha to Asia every week, while large shipments of jet fuel and diesel come from Asia and the Middle East to Europe.
The throttle point is also essential for LNG. A huge amount of Qatari LNG destined for European markets passes through the waterway. But Qatar has begun diverting more shipments to Asia in recent years.
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And according to S&P Global Platts Analytics. Tankers of crude oil and refined products will see a 5% increase over the normal transportation fee, while LNG carriers will see a 7% increase. Smaller LPG and chemical tankers will see a 10% rise.
The 120-mile canal connects the Red Sea with the Mediterranean, is a strategic route for shipments of crude oil, petroleum products and liquefied natural gas, and sees the transit of more than 18,000 ships annually, according to the Securities and Commodities Authority.
Before the pandemic affected trade flows, the canal transported about 5 million barrels per day of crude oil and petroleum products and 31 million tons of liquefied natural gas in 2019.
Major crude oil producers, such as Saudi Arabia, Russia, Iraq, UAE, Azerbaijan, Kazakhstan, Norway, Kuwait, Libya and Algeria, depend on the Suez Canal to export their crude oil. Flows of petroleum products have also risen in recent years, and Europe sends a large amount of naphtha to Asia every week, while large shipments of jet fuel and diesel come from Asia and the Middle East to Europe.
The throttle point is also essential for LNG. A huge amount of Qatari LNG destined for European markets passes through the waterway. But Qatar has begun diverting more shipments to Asia in recent years.
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