The Suez Canal Authority (SCA) softened the impact of a 15% toll hike due to take effect next month, by announcing higher rebates for tankers and container ships on selected long-distance trades.
In a move that seems designed to poach clients from its drought-struck rival, the Panama Canal, the new set of measures introduces a 75% discount for product tanker voyages between the Americas and Asia.
Fixed rebates of that magnitude already existed for crude carriers but did not extend so far to product tankers.
In a set of circulars released by the SCA and analysed by Leth Agencies on Wednesday, product tankers en route between the US Gulf and the Caribbean on one end of their trip and Asia on the other, will see the rebates increase by up to 10 percentage points, depending on the Asian port of call.
The toll discount for product tanker voyages to or from ports between Karachi in Pakistan and Cochin in south-west India increases to 30% from 20%. Voyages further east will enjoy higher rebates of 65%, up from 60%.
Rebates for crude tankers on similar journeys between the US and Caribbean on the one end and between the Middle East Gulf and Karachi on the other will rise by five percentage points to 25%.
Further east until Cochin, rebates rise by 10 percentage points to 35%. Even further east, they remain flat at 75%.
The rebate for chemical and other liquid bulk tankers increases by 10 percentage points to 25% or 35% respectively for voyages up to Port Klang in Malaysia or beyond.
Rebates increase by five percentage points to between 40% and 60% for boxship trips between the east coast of the Americas and South Asia.
The SCA made no changes to rebates for bulkers, LNG and LPG carriers.
Cash-strapped Egypt raised Suez Canal tolls repeatedly over the past couple of years to benefit from a surge in oil trade in the wake of the Ukraine war.
The latest toll increase was announced earlier this year. Set at 15% for most vessels, the new transit dues are taking effect on 15 January.
The new rebates take effect from 1 January and are set to expire, or be renewed, on 30 June.
