Transit fees paid by crude oil and petroleum product tankers passing through Egypt’s Suez Canal will increase starting on April 1, according to the canal authority.
Surcharges on these ships will be raised from 15 per cent to 25 per cent of total transit fees, the Suez Canal Authority said on its website on Tuesday.
Surcharges on empty (ballast) tankers will also be raised, from 5 per cent to 15 per cent, when the new rates come into effect in April.
The charges will be applied on ships travelling through the canal in both directions, the authority said.
The latest increase comes after the authority raised all transit fees by 15 per cent on January 1.
The increase was lower, at 10 per cent, for bulk carriers and tourist ships.
While announcing January’s transit fee increases, Suez Canal Authority chief Adm Osama Rabie said that the increase was "inevitable and a necessity in light of the current global inflation rates”.
The latest increase comes after the Russia-Ukraine war disrupted global supply chains and trade routes were redrawn.
In March last year, the authority announced new surcharges to be levied on all ships going through the canal.
The SCA has steadily increased tolls and surcharges on vessels traversing the waterway over the past couple of years.
It has also announced an ambitious plan to deepen and widen stretches of the 193km waterway after the Panama-registered giant container ship Ever Given ran aground in the canal.
The ship blocked the canal for six days in March 2021, which resulted in billions of dollars in losses for many international shipping companies.
The update promises to increase two-way traffic through the canal, which currently has only a small portion wide enough for that.
On Monday, shipping giant Maersk announced it was suing Evergreen, the maritime transport company that operates the Ever Given, over the billions of dollars it lost during the blockage of the canal.
More than 12 per cent of the world's maritime traffic goes through the Suez Canal each year, making it one of Egypt's most essential sources of foreign currency.
Company profile
Name: GiftBag.ae
Based: Dubai
Founded: 2011
Number of employees: 4
Sector: E-commerce
Funding: Self-funded to date
UAE currency: the story behind the money in your pockets
Freezer tips
- Always make sure food is completely cool before freezing.
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COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
The specs
Engine: 4.0-litre, twin-turbocharged V8
Transmission: nine-speed automatic
Power: 630bhp
Torque: 900Nm
Price: Dh810,000
The candidates
Dr Ayham Ammora, scientist and business executive
Ali Azeem, business leader
Tony Booth, professor of education
Lord Browne, former BP chief executive
Dr Mohamed El-Erian, economist
Professor Wyn Evans, astrophysicist
Dr Mark Mann, scientist
Gina MIller, anti-Brexit campaigner
Lord Smith, former Cabinet minister
Sandi Toksvig, broadcaster
Explainer: Tanween Design Programme
Non-profit arts studio Tashkeel launched this annual initiative with the intention of supporting budding designers in the UAE. This year, three talents were chosen from hundreds of applicants to be a part of the sixth creative development programme. These are architect Abdulla Al Mulla, interior designer Lana El Samman and graphic designer Yara Habib.
The trio have been guided by experts from the industry over the course of nine months, as they developed their own products that merge their unique styles with traditional elements of Emirati design. This includes laboratory sessions, experimental and collaborative practice, investigation of new business models and evaluation.
It is led by British contemporary design project specialist Helen Voce and mentor Kevin Badni, and offers participants access to experts from across the world, including the likes of UK designer Gareth Neal and multidisciplinary designer and entrepreneur, Sheikh Salem Al Qassimi.
The final pieces are being revealed in a worldwide limited-edition release on the first day of Downtown Designs at Dubai Design Week 2019. Tashkeel will be at stand E31 at the exhibition.
Lisa Ball-Lechgar, deputy director of Tashkeel, said: “The diversity and calibre of the applicants this year … is reflective of the dynamic change that the UAE art and design industry is witnessing, with young creators resolute in making their bold design ideas a reality.”
'Ashkal'
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Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
THE BIO
Occupation: Specialised chief medical laboratory technologist
Age: 78
Favourite destination: Always Al Ain “Dar Al Zain”
Hobbies: his work - “ the thing which I am most passionate for and which occupied all my time in the morning and evening from 1963 to 2019”
Other hobbies: football
Favorite football club: Al Ain Sports Club
The finalists
Player of the Century, 2001-2020: Cristiano Ronaldo (Juventus), Lionel Messi (Barcelona), Mohamed Salah (Liverpool), Ronaldinho
Coach of the Century, 2001-2020: Pep Guardiola (Manchester City), Jose Mourinho (Tottenham Hotspur), Zinedine Zidane (Real Madrid), Sir Alex Ferguson
Club of the Century, 2001-2020: Al Ahly (Egypt), Bayern Munich (Germany), Barcelona (Spain), Real Madrid (Spain)
Player of the Year: Cristiano Ronaldo, Lionel Messi, Robert Lewandowski (Bayern Munich)
Club of the Year: Bayern Munich, Liverpool, Real Madrid
Coach of the Year: Gian Piero Gasperini (Atalanta), Hans-Dieter Flick (Bayern Munich), Jurgen Klopp (Liverpool)
Agent of the Century, 2001-2020: Giovanni Branchini, Jorge Mendes, Mino Raiola
Analysis
Members of Syria's Alawite minority community face threat in their heartland after one of the deadliest days in country’s recent history. Read more
The specs
Engine: 3.0-litre twin-turbo flat-six
Power: 480hp at 6,500rpm
Torque: 570Nm from 2,300-5,000rpm
Transmission: 8-speed dual-clutch auto
Fuel consumption: 10.4L/100km
Price: from Dh547,600
On sale: now
