Egypt cuts Suez Canal transit fees by half

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Egypt’s government is offering potentially vast reductions on transit rates for container vessels in north and south Suez ports. Middle East Monitor is reporting that vessels transiting more than 3,332 containers will see a 50% reduction in rates. Vessels carrying 200 or more containers will also experience a 3% cut, while those transiting 500 or more will benefit from an 8% rate-drop. The move is aimed at addressing falling revenues at the canal, which last year reported a 3.2% drop to $5bn compared with $5.2bn in 2015.