Toll rates for the Suez Canal are to be virtually doubled when it re-opens on June 5 compared with those charged when it closed in June 1967 during the war with Israel.
GV Canal Authority Chairman, Mashour Ahmed Mashour at luncheon meeting speaking to newsmen (MUTE)
SCU Mr. Mashour speaking
GV Guests listening (MUTE)
GV Mr. Mashour speaking
TRANSCRIPT: SEQ. 4: MASHOUR: "While Egypt was devoting all its efforts for creating all the circumstances to guarantee the efficient functioning of the Suez Canal in the service of World economy and peaceful exchanges for the prosperity of all nations, Israel by its perpetual aggression has endangered the safety of that waterway and caused the disconnection between various continents. As a result, great and heavy losses were inflicted upon many nations, thus burdening their economies and jeopardising their commercial and productive structure. A unifying rate of one point six one one one (1.6111) SDR unit for each ton of Suez Canal net tonnage shall be levied on tankers with crude oil and its products, bulk carriers and combined carriers."
Initials CL/0055 CL/0104
This film contains an extract of Mr. Mashour's statement to newsmen which is transcribed below.
Script is copyright Reuters Limited. All rights reserved
Background: Toll rates for the Suez Canal are to be virtually doubled when it re-opens on June 5 compared with those charged when it closed in June 1967 during the war with Israel.
The Chairman of the Canal Authority, mr. Mashour Ahmed Mashour, told newsmen in Cairo on Saturday (24 May) that increases for various types of shipping would be between 90 and 100 per cent.
Even so, he added, this would represent a substantial saving on the cost of shipping by the long route around the southern tip of Africa.
The new rates were set in special drawing rights -- the artificial currency created by the International Monetary Fund -- which have the advantage of not advantage of not being subject to currency fluctuations.
The rates work out to about one U.S. dollar (about 44 pence) per ton of cargo for oil tankers, slightly more for other freight. Unloaded vessels will pay at a lower rate.