Suez Canal Renews Incentives for Various Vessels until end of 2025
Taarek Refaat
The Suez Canal Authority has renewed its decision to implement the reduction granted to chemical and other liquid tankers, loaded or empty, operating on direct voyages between the US Gulf—starting from the Port of Miami and ports located west of it within the US Gulf, and ports located south of the US Gulf on the one hand, and regions of India and its easternmost regions on the other—until December 31, 2025.
A shipping circular confirmed that these incentives include granting chemical tankers operating between the US Gulf and ports west of the Indian subcontinent, starting from the port of Karachi in Pakistan to the port of Cochin in western India—a 25% reduction in transit fees.
The Suez Canal is one of the most important shipping lanes in the world, as it is the shortest shipping route between Europe and Asia and one of the most important sources of foreign currency for the Egyptian economy.
The incentives for tankers operating between the US Gulf and ports east of the port of Cochin, up to and including Port Klang, are being extended to a 55% reduction, while the Malaysian port of Port Klang and its easternmost regions are being granted a 75% reduction in regular fees until the end of this year.
The Suez Canal Authority has also decided to continue granting chemical and other liquid tankers, both loaded and empty, operating between the ports of the east coast of North America—located north of the Port of Miami—to India and its eastern side. Ports east of the Port of Cochin up to and including Port Klang receive a 25% discount on tolls, while those operating up to and east of Port Klang receive a 35% discount on regular tolls.
The Suez Canal Authority has renewed the discounts offered to loaded and empty car carriers operating directly between the ports of the east coast of the Americas and the Gulf of Mexico on the one hand, and the ports of the Far East and Southeast Asia, starting with Port Klang and its eastern side, on the other, until December 31, 2025.
In a navigational circular reviewed by Al Mal, the Authority confirmed that the incentives include a 40% discount on regular tolls for car carriers operating between Norfolk and its northern side on the one hand, and Port Klang and its eastern side on the other. A further 55% discount is offered to vessels operating between the ports south of Port Klang. Norfolk on one side and the ports of Port Klang and to the east. Car carriers represent approximately 0.29% of the types of vessels transiting the Suez Canal in 2024.
The Suez Canal Authority has renewed incentives offered to dry bulk vessels, both loaded and empty, operating in both directions between the ports of Mauritania and its southernmost ports in West Africa and the ports of the Arabian Gulf, India, its eastern regions, and the Far East. These incentives range from 15% to 75%, until December 2025.
Dry bulk vessels represent approximately 27.3% of the total tonnage of trade transiting the Suez Canal during the first quarter of 2025.
The Suez Canal Authority has decided to extend the discount granted to liquefied petroleum gas (LPG) carriers on their direct voyages, whether loaded or empty, operating between the ports of the East Coast of the Americas and the Gulf of Mexico and the ports of India and its eastern regions, until December 31, 2025.
The Authority confirmed in a navigational notice on its website that the incentives include grants to LPG carriers. Loaded and empty LPG vessels operating between the US Gulf starting from the Port of Miami and the ports located to the west of it within the US Gulf, as well as the ports located to the south of the US Gulf on the one hand and the ports of western India and the Maldives up to the Port of Cochin, will receive a 25% discount on the regular transit fees.
read more
CBE: Deposits in Local Currency Hit EGP 5.25 Trillion
Morocco Plans to Spend $1 Billion to Mitigate Drought Effect
Gov't Approves Final Version of State Ownership Policy Document
Egypt's Economy Expected to Grow 5% by the end of 2022/23- Minister
Qatar Agrees to Supply Germany with LNG for 15 Years
Business
Oil Prices Descend amid Anticipation of Additional US Strategic Petroleum Reserves
Business
Suez Canal Records $704 Million, Historically Highest Monthly Revenue
Business
Egypt's Stock Exchange Earns EGP 4.9 Billion on Tuesday
Business
Wheat delivery season commences on April 15
News
Egypt confirms denial of airspace access to US B-52 bombers
News
Ayat Khaddoura's Final Video Captures Bombardment of Beit Lahia
News
Australia Fines Telegram $600,000 Over Terrorism, Child Abuse Content
Arts & Culture
Nicole Kidman and Keith Urban's $4.7M LA Home Burglarized
Sports
Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer
Sports
Neymar Announced for Brazil's Preliminary List for 2026 FIFA World Cup Qualifiers
News
Prime Minister Moustafa Madbouly Inaugurates Two Indian Companies
Arts & Culture
New Archaeological Discovery from 26th Dynasty Uncovered in Karnak Temple
Business
Fear & Greed Index Plummets to Lowest Level Ever Recorded amid Global Trade War
Arts & Culture
Zahi Hawass: Claims of Columns Beneath the Pyramid of Khafre Are Lies
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Al-Ahram Weekly
an hour ago
- Al-Ahram Weekly
Egypt working round-the-clock for a superb Grand Egyptian Museum opening - Tourism
Prime Minister Mostafa Madbouly affirmed Sunday the ongoing cooperation and coordination among all relevant entities to ensure the successful organisation of the Grand Egyptian Museum (GEM)'s official opening, scheduled for 3 July. Madbouly's remarks came during his meeting with officials to follow up on the developments in the event's preparations. He noted that weekly meetings will be held to monitor updates and ensure progress on the arrangements. In addition, Madbouly directed that the celebration highlight the significance of this world-class landmark and reflect the progress that Egypt has achieved and witnessed in several areas and respects. According to the Egyptian cabinet, the Egyptian PM said the grand celebration should show the world the significance of Egypt's distinguished history and ancient civilisation. The participants in the meeting also reviewed the steps taken to send invitations to esteemed guests, including kings, presidents, prime ministers, senior officials, and corporate leaders. They also discussed the list of those who have confirmed their attendance and the coordination status with Egyptian diplomatic missions worldwide regarding the grand event. Moreover, Madbouly and the officials discussed the logistical arrangements for the guests' arrival and departure, including airports, hotels, and transportation routes to the event venue. They also addressed the event's agenda. The GEM is located near the newly inaugurated Sphinx International Airport and overlooks the iconic Pyramids of Giza. The museum, set to become the largest museum worldwide dedicated to a single civilisation—ancient Egypt—spans an impressive 500,000 sqm, twice the area of the Louvre Museum and two and a half times the area of the British Museum. Follow us on: Facebook Instagram Whatsapp Short link:
See - Sada Elbalad
2 hours ago
- See - Sada Elbalad
President Sisi Receives Iranian Foreign Minister
Basant Ahmed President Abdel Fattah El-Sisi received Iranian Foreign Minister Abbas Araqchi in Cairo on Monday as part of an official visit during which he will hold talks with a number of Egyptian officials. Araghchi arrived in Cairo, on Sunday evening, as part of the two countries' efforts to enhance political consultations and expand bilateral cooperation, Tasnim News Agency reported. The Iranian official's visit focuses on exploring prospects for developing relations between Tehran and Cairo, discussing regional issues and the ongoing Israeli attacks on the Palestinian people, in addition to a number of international issues of mutual interest. This visit comes amidst rapid regional developments and a mutual desire of the two countries to resume communication channels and coordinate positions on strategic issues in the region. read more Gold prices rise, 21 Karat at EGP 3685 NATO's Role in Israeli-Palestinian Conflict US Expresses 'Strong Opposition' to New Turkish Military Operation in Syria Shoukry Meets Director-General of FAO Lavrov: confrontation bet. nuclear powers must be avoided News Iran Summons French Ambassador over Foreign Minister Remarks News Aboul Gheit Condemns Israeli Escalation in West Bank News Greek PM: Athens Plays Key Role in Improving Energy Security in Region News One Person Injured in Explosion at Ukrainian Embassy in Madrid News Ayat Khaddoura's Final Video Captures Bombardment of Beit Lahia News Australia Fines Telegram $600,000 Over Terrorism, Child Abuse Content Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Sports Neymar Announced for Brazil's Preliminary List for 2026 FIFA World Cup Qualifiers News Prime Minister Moustafa Madbouly Inaugurates Two Indian Companies Arts & Culture New Archaeological Discovery from 26th Dynasty Uncovered in Karnak Temple Business Fear & Greed Index Plummets to Lowest Level Ever Recorded amid Global Trade War Arts & Culture Zahi Hawass: Claims of Columns Beneath the Pyramid of Khafre Are Lies News Flights suspended at Port Sudan Airport after Drone Attacks News Shell Unveils Cost-Cutting, LNG Growth Plan
See - Sada Elbalad
6 hours ago
- See - Sada Elbalad
Taiwan's Central Bank: US Debt 'Sound', No Concerns over Dollar's Status
Taarek Refaat Taiwan's central bank said on Sunday that US government debt is "sound" and still attracts investor interest, and that there are no concerns about the US dollar's status as the leading international reserve currency. The dollar's global standing has been called into question after US President Donald Trump's announcement of tariffs on April 2, which led to a sharp decline in markets, including US Treasury bonds, cast doubt on the dollar's safe-haven status. Trump's complaints about the dollar's strength have fueled speculation that Washington wants to devalue the US currency. According to the central bank, Taiwan's $582.8 billion foreign exchange reserves are more than 80% comprised of US Treasuries. Responding to what it described as market concerns about US bonds and the dollar, the central bank stated on its website that there was no cause for concern. He added, "There are currently no concerns about the US dollar's status as the leading international reserve currency. US public debt is stable and well-liquidated, and investors continue to prefer it as a store of value." The central bank also urged the media and market commentators not to speculate on foreign exchange rates, given the Taiwanese dollar's appreciation against the US currency since last month amid speculation that Washington had asked Taipei to allow it to strengthen as part of tariff negotiations. In its statement issued on Sunday, the central bank stated that its inspection teams had discovered that some unnamed foreign investors had transferred large sums into Taiwanese dollar deposit accounts under the pretext of investing in Taiwanese stocks. However, no such investments have taken place, according to the bank, adding that foreign investors should use the transferred funds to invest in local securities if that is the stated purpose of their investment, "not to use them to speculate on the Taiwanese dollar exchange rate." read more CBE: Deposits in Local Currency Hit EGP 5.25 Trillion Morocco Plans to Spend $1 Billion to Mitigate Drought Effect Gov't Approves Final Version of State Ownership Policy Document Egypt's Economy Expected to Grow 5% by the end of 2022/23- Minister Qatar Agrees to Supply Germany with LNG for 15 Years Business Oil Prices Descend amid Anticipation of Additional US Strategic Petroleum Reserves Business Suez Canal Records $704 Million, Historically Highest Monthly Revenue Business Egypt's Stock Exchange Earns EGP 4.9 Billion on Tuesday Business Wheat delivery season commences on April 15 News Ayat Khaddoura's Final Video Captures Bombardment of Beit Lahia News Australia Fines Telegram $600,000 Over Terrorism, Child Abuse Content Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Sports Neymar Announced for Brazil's Preliminary List for 2026 FIFA World Cup Qualifiers News Prime Minister Moustafa Madbouly Inaugurates Two Indian Companies Arts & Culture New Archaeological Discovery from 26th Dynasty Uncovered in Karnak Temple Business Fear & Greed Index Plummets to Lowest Level Ever Recorded amid Global Trade War Arts & Culture Zahi Hawass: Claims of Columns Beneath the Pyramid of Khafre Are Lies News Flights suspended at Port Sudan Airport after Drone Attacks News Shell Unveils Cost-Cutting, LNG Growth Plan
