Back to the complete issue
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.

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2021 Enterprise Ventures LLC.

Enterprise is available without charge thanks to the generous support of Commercial International Bank (tax ID: 204-891-949), the largest private-sector bank in Egypt; EFG Hermes (tax ID: 200-178-385), the leading financial services corporation in frontier emerging markets; SODIC (tax ID: 212-168-002), a leading Egyptian real estate developer; SomaBay (tax ID: 204-903-300), our Red Sea holiday partner; Infinity (tax ID: 474-939-359), the ultimate way to power cities, industries, and homes directly from nature right here in Egypt; CIRA (tax ID: 200-069-608), the leading providers of K-12 and higher level education in Egypt; Orascom Construction (tax ID: 229-988-806), the leading construction and engineering company building infrastructure in Egypt and abroad; and Act Financial (tax ID: 493-924-612), the leading activist investor in Egypt; and Abu Auf (tax ID: 584-628-846), the leading health foodmaker in Egypt and the region.