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Thursday, 24 December 2020

LNG carriers get break on Suez transit

LNG carriers traveling between the US and SouthEast Asia will continue to receive 30-75% off their Suez Canal transit fees for an additional six months after the Suez Canal Authority extended its incentive scheme through 1 June 2021, Al Mal reports.

Who gets what? Natural gas carriers running from Gulf and Indian ports will see regular fees slashed by the same margins. Gulf carriers will pay 35% less, while ports located between India and Singapore will get a 55% break and carriers out of Singapore and other Far East ports will get a 75% break.

LNG joins oil and LPG: The authority earlier this week extended a similar scheme for liquefied petroleum gas ships and slashed fees for oil tankers as it anticipates a slowdown in international trade caused by the latest flare-up of covid.

The SCA has the right idea: Global manufacturers are struggling with postponed shipments due to the pandemic, experiencing major bottlenecks and disruptions in trade flows leading to losses in product supply, writes Reuters.

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