Egypt's Suez Canal Authority (SCA) is slashing fees for VLCCs and ULCCs in a bid to keep business in the continuing pandemic.
SCA said it is "paying more attention to its users' best interest" in taking steps towards being the safest, most secure, most reliable and most competitive route for shipping.
A new circular reveals laden VLCCs and ULCCs of more than 250,000 dwt will benefit from a 48% rebate on usual tolls.
The SCA said the move was made "considering the new changes in the global shipping market [and the] world economy, and in line with the SCA flexible marketing policies".
The cut applies from 1 December until 31 May 2021.
The rebate applies to vessels loaded at ports from north-west Europe down to Gibraltar, and heading to ports east of Port Klang.
The vessels will be allowed to stop at any intermediate ports to discharge a part of their cargo before transiting the Suez Canal in laden condition.
They can also stop at any intermediate ports after the transit to continue loading.
Vessels re-routing
In April, SCA said it was further reducing fees for liner operators who were deserting it in order to sail the longer route around Africa.
This phenomenon has also been reported for VLCCs this year, as some owners took advantage of low fuel prices to try to delay delivery of cargoes, with storage filling up.
Containerships sailing eastbound from north-west Europe to Asia were given a 17% reduction, while those sailing from the US East Coast were being offered whopping rebates of up to 75%.
However, the tariff only lasted up to 30 June.
