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Suez Canal delays announcing 2009 fees

Suez Canal delays announcing 2009 fees

Cairo: The Suez Canal will not announce its tolls for 2009 until next week because of the uncertainty in the shipping industry caused by piracy and the global financial crisis, a canal authority official said on Thursday. The new tolls will be announced at a press conference on Monday, the state MENA news agency said Any changes are normally announced in December but a canal official told AFP that this year's announcement had been delayed because of "big fluctuations in the shipping market and world commerce."
But he predicted that they would be kept the same or even cut because of the impact on traffic of the economic slowdown and the threat of piracy in the Gulf of Aden.
Officials predicted that traffic volume would be seven percent down in December compared with the same period of last year.
The canal is Egypt's third-largest source of revenue after tourism and remittances from expatriate workers.  [2/1/09]

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