New Suez Canal fee to apply in 2015
YOUM7 (Archive)

CAIRO: New fees for ships that use the Suez Canal will be announced by Mohab Mamish, the waterway’s chief, in a Wednesday news conference held at the Training and Simulation Center in the city of Ismailia, Youm7 reported.

The new fees will be enforced in 2015, according to Youm7. The fees are expected to increase; Egypt’s pound hit its all-time official low Monday as it weakened to 7.53 per U.S. dollar at a regular Central Bank auction.

The Suez Canal’s 2014 revenue amounted to $5.516 billion, marking over 6.75 percent growth compared to $5.111 billion in 2013. The 2014 revenue is also a record high since the waterway’s inauguration in 1869.

In August 2014, “the New Suez Canal” project was launched, establishing a new 72-kilometer canal parallel to the current one to speed up transit time and allow two-way traffic. The project is funded by citizens’ investment certificates worth over 60 billion EGP ($7.86 billion,) collected in about two weeks.

The Suez Canal expansion is expected to boost annual revenue up to $13.5 billion by 2023. President Abdel Fatah al-Sisi said the New Suez Canal will be put into operation in a year’s time.

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