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Wednesday, 23 December 2020

The Suez Canal is preparing for another trade slowdown

More breaks at the Suez Canal: Liquified petroleum gas shippers will continue to pay lower Suez Canal transit fees until June 2021 as the government tries to support revenues as the pandemic continues to sap trade, the Suez Canal Authority said, according to Al Mal. Since April, carriers traveling between southeast Asia and the US have gotten breaks ranging between 24% and 75%, depending on their route. The measures were introduced by the authority in response to a slowdown in global trade caused by the pandemic.

They’re not the only ones getting a hand: The authority earlier this week slashed transit fees for large oil tankers traveling between northern Europe and southeast Asia by 48%.

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