Suez Canal Fees To Remain Unchanged In 2000

Thursday, December 30, 1999
The Suez Canal Authority (SCA) will keep its transit fees unchanged in 2000 for the seventh year in a row. An economic slowdown and fluctuating oil prices were behind the decision to fix the tolls, officials said. The canal, one of Egypt's main foreign currency earners, is facing fierce competition from oil pipelines and other shipping routes. It offered a discount for natural gas tankers of up to 15 percent in July. Officials said that no more cuts will be offered, and added that the discounts have not so far been effective.

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