New tariffs aim to halt declining revenues of last year

The Suez Canal is Egypt\'s main source of foreign investment Ismailia – Yosry Mohamed Suez Canal transit fees will be ‘fair’ in 2013, a Canal Authority source has told Arabstoday, aiming to account for the interests of ship-owners as well as shipping companies. According to the source the new tariff [which is still under discussion by the Commission] will be officially announced later this month in a press conference.
The Canal will continue to work according to 2012 tariffs until new fees are announced, he said, pointing out that the Canal Authority usually gives a three-month notice period to shipping companies before applying updated tariffs.
Canal management determines the tariffs after studying developments in global trade, the quantities of goods moving among markets in the East and the West, and the fees of other competing water corridors.
Last year the Suez Canal decided to raise tolls 3% on all vessels, applying the increase last March.
But Cabinet Information Centre data showed a $74 million decline in Suez Canal revenues during the first 11 months of 2012. The same statistics reveal that the Canal’s total revenues, between January 1 and November, amounted to $4.75 billion compared to $4.78 billion the same period  in 2011.