Suez Canal Authority Makes Big Cuts in Transit Charges

Thanks to drastically reduced bunker fuel bills, many of the world's larger ship have started to go around the Cape of Good Hope to pick up more business along the African coast and to avoiding the tolls paid to the Suez Canal Authority - which often tend to be in excess of $500,000 per transit.

In light of this development the Suez Canal Authority has announced significant reductions in its transit fees in order to attract more traffic through its gates.

Ships heading east from North America’s eastern seaboard will get the biggest reduction up to 75%.

Boxships heading for Asia from Algericas, Tangiers and Northern Europe will get 17% discounts. Meanwhile, ships from ports of northwest Europe have been offered a modest 6% cut.

The toll reductions start from May 1st and last through to the end of June.

Read More: World’s Largest Ship Makes Suez Debut