SCA Keeps Transit Fees Fixed

The Suez Canal Authority (SCA) will keep its transit fees, fixed since 1995, unchanged in 2001, it said. SCA chairman said an economic slowdown and deteriorating conditions in the shipping industry, which has meant falling shipping fees since 1995, were behind the decision. Fadel also announced that the euro would be added to the basket of currencies accepted by the SCA, starting in the New Year. The Suez Canal has generated revenues of approximately $1.9 billion in 2000 compared to $1.8 billion in 1999. The Canal, one of Egypt's main foreign currency earners, is facing fierce competition from oil pipelines and other shipping routes. - (Reuters)