With global trade facing unprecedented turbulence, Egypt’s Suez Canal Authority on 1 April announced it was cutting transit fees for LNG carriers by up to 75%. “The new fees aim to counter the unfavorable conditions the shipping industry is going through in light of the slowdown in global trade and the decline in global economic indicators as a result of the spread of Covid-19,” the Suez Canal authority says.

New fees will apply from 1 April until at least the end of June. “Loaded or empty LNG tankers operating between the US and Gulf and some regions in Asia would be granted reduction rates ranging from 35% to 75%,” the authority says. (CONTINUED - 108 WORDS)