Suez Canal offers transit-discounts

Nov 24, 1996 01:00 AM

Egypt's Suez Canal is facing stiff competition from oil pipelines and other shipping routes and will grant discounts to certain vessels next year.- Oil tankers carrying up to 3 mmt will receive discounts ranging from 5 % to 30 % on fees for using the canal.- Ships carrying LNG will get a discount of up to 35 %, and certain container ships will also be granted reductions.The canal, which opened in 1869, is one of Egypt's main sources of foreign currency. It has faced increasing competition in recent years from oil pipelines and has had difficulty attracting large oil and freight carriers, which prefer to circle the Cape of Great Hope around the Horn of Africa. Market studies show that the new fees should help increase canal revenues by somewhere between 5 % and 10 % in 1997. The canal took in $ 923 mm in the first half of the year, compared with $ 946 mm in the same period of 1995.

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