Egypt has decided to hike transit fees for ships using the Suez Canal by an average of 3 percent next year, chairman of the Canal Authority Ahmed Fadel has stated. The decision affects all categories of ships. The decision will be effective by February 2005.
Fadel declared that the new increase comes following nine years of intact transit fees. He expected that the Canal's revenues would rise to $ 3 billion (LE 19.5 billion) - the highest figure in the waterway's history compared to $ 2.557 billion posted in 2003.