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FINANCIAL NEWS
Egypt- Suez Canal fees grow by up to 5%
01 May 2013
(MENAFN) According to an official at Egypt’s Suez Canal Authority, starting May 1, fees paid by ships passing through the canal will rise, reported Arabian Business.
The official said that fees on oil tankers and petrochemical products will grow by 5 percent, while fees on container ships and car carriers will go up by 2 percent.
The aim of the move is to increase the revenues of the country, whose economy is struggling due to the political turmoil that fended off investors and tourists.
In 2012, authorities raised fees on all ships passing through the 192-km strategic waterway by 3 percent.
It is worth noting that the Suez Canal is one of the main sources of foreign currency for Egypt, bringing nearly USD5 billion annually.
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