Suez Canal to raise fees in 2008

Transit fees for ships using Egypt's Suez Canal will increase in 2008 by an average of 7.1%, the canal authority said on Sunday [20 Dec 2007]. Fees will rise by 5.7% for container ships, by 7.3% for oil tankers and by 10.5% for natural gas ships, authority chief Ahmed Ali Fadel told reporters in the canal city of Ismailiya.

The authority, which has run the canal since its nationalisation in 1956, last raised transit fees in April 2007. The Suez Canal, which opened in 1869, is Egypt's third largest source of revenue, after tourism and remittances from expatriate workers.

- Interesting place for inflation to pop up.

(2007-12-31 23:29:24 SGT) [Biz] Permalink

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