Suez Canal Extends Arrangement for VLCCs

Tanker Investments The Suez Canal Authority has decided to extend the arrangement for very large crude carriers (VLCCs) coming from the Arabian Gulf or Caribbean Zone on a round trip and transiting the canal after discharging part of their cargo in the SUMED line until December 31, 2017. The arrangement for VLCCs over 250,000 dwt was previously introduced in June 2016 for an experimental period of 6 months. Under the deal, any VLCC coming from south is set to pay a lumpsum of USD 155,000, including charges for tugs, arrival after limit time and booking in the convoy. Additionally, the Suez Canal Authority said that a VLCC is to pay a lumpsum of USD 230,000, including aforementioned charges, on its return ballast trip. The authority added that any company wishing to benefit from this arrangement must submit a request before transit through its Maritime Agency.