Lieutenant-General Osama Rabie, head of the Suez Canal Authority, said: “We expect the canal’s revenues to rise by about $700 million annually after the increase in transit fees.
On Saturday, September 17, the Suez Canal Authority issued a decision to raise the transit fees for ships starting from next January by 15%, while the transit fees for dry bulk vessels and cruise ships will increase by 10%.
The 192-kilometre (120-mile) Suez Canal cuts the journey time between Asia and Europe by 15 days on average. Egypt's revenues from the Suez Canal rose to $447.1 million in July from $427.2 million in June.
Rabie added that it was decided to offer a share of the Canal Company for Rabat on the stock exchange by the end of the year.
According to Rabie, the size of the stake that will be offered from the Canal Company to Rabat will range from 10% to 15%. The Canal Company for Ship Mooring and Lighting is one of the Suez Canal Authority companies and works in the field of mooring and dissolving ships transiting the Suez Canal and arriving at the ports of Port Said, Suez, Sharm El Sheikh and Nuweibaa, and providing these ships with headlights while crossing the canal north and south, according to the company’s official website.
