SCA chairman Ahmed Fadel announced the decision at a news conference in Ismailia, Egypt. It's the second straight year the canal will eschew raising tolls. According to the report, Fadel said that canal revenue fell by 20 percent in 2009 to $4.3bn, mirroring a 20 percent drop in the number of ships transiting the waterway to 17,228.
He said revenue fell by 0.5 percent in December, the best monthly returns for the year, and that the canal is expecting revenue to increase by 2.5 percent in 2010.
The canal is a hugely important waterway for global trade — particularly for Asia-to-Europe and Indian Subcontinent-Middle East-to-North America trade. It is also a major revenue source for Egypt, which owns the canal and is eyeing a greater role in container trade (see 'Making modern history, December 2009 American Shipper, pages 8-13).
The authority also said the canal has been deepened from 62 to 66 feet.
