Suez Canal Toll Rise May Lead More to Cape Route
The International Chamber of Shipping (ICS) notes that, for all but the smallest ships, the Suez Canal toll increases range from about 3% to 5%.
ICS secretary general, Peter Hinchliffe, remarked: “Most international ship operators are trading in the worst shipping markets in living memory due to there being too many ships chasing too few cargoes. This is not the time for the SCA to be announcing increases, which for some trades seem very dramatic indeed, and which many shipowners will find impossible to pass on to their customers.”
He added: “We recognise that, with pressure on Egypt’s tourism and its other economic problems, there is increased pressure on the SCA to maintain what is now the country’s biggest source of foreign revenue. But the effect of these increases will be to give a spur to those owners who may already be considering the Cape route as a serious alternative.”