With tanker rates looking dire for the winter and beyond, the Suez Canal Authority has taken the decision to slash tolls for laden VLCCs heading from Europe to Asia in half in a bid to avoid operators taking the slower, but cheaper Cape of Good Hope route around the southern tip of Africa.
Laden VLCCs from Europe heading to Asia can avail themselves of a 48% discount when transiting the Egyptian canal, an offer that is set to run from the start of next month through to the end of May next year.
