Suez Canal Cuts Tolls for VLCCs on US-Arabian Gulf Route

first_imgzoom The Suez Canal Authority has reduced transit tolls for Very Large Crude Carriers (VLCCs) of more than 200,000 dwt in ballast coming from America and heading for the Arabian Gulf, GAC Egypt said.According to a circular released by the Suez Canal Authority, the vessels coming from the Gulf of Mexico, the Caribbean and the North Coast of South America would receive a 45% reduction from the applicable Suez Canal transit tolls excluding other services dues.In order to receive the reduction, a company needs to submit a request before the transit through its agency, subject to forward a certificate from the port of origin and a certificate from the port of arrival after transit.Furthermore, in case of stopping in between ports, a certificate stating the reason of stoppage is to be submitted as well as an undertaking from the shipping agency confirming the payment of the whole transit dues without any rebates in case of changing port of origin or port of arrival.The documents should be submitted a maximum of 60 days from the date of transit, GAC Egypt added.According to the Suez Canal, the circular came into effect as of July 24 as an experimental period to be renewed.last_img read more

CMHC says it can withstand a severe shock as it passes stress

OTTAWA — Canada Mortgage and Housing Corp. says stress testing has confirmed its mortgage loan insurance and securitization businesses are able to withstand a severe shock.The housing agency tested the strength of its businesses against several extreme scenarios.It looked at the impact of an earthquake in a major urban centre, a steep drop in the price of oil and a U.S.-style housing correction where unemployment rises along with a fall in house prices of 30 per cent.CMHC also examined an anti-globalization scenario that included a rise in protectionism, widespread use of tariffs and a euro-zone break-up.The agency began publicly releasing its stress test results in 2015.CMHC provides mortgage loan insurance for home buyers as well as securitization guarantee programs to help financial institutions. read more