Chairman of the Suez Canal Authority Mohab Mamish said Tuesday his recent foreign tours had good results with regard to the offers provided for shippers using the Suez Canal.

Shippers that will pay fees for three years in advance would be granted a three percent discount, while those to pay five years in advance will get a five percent, Mamish added during a press conference in Port Said.

The chairman of the Suez Canal Authority said the companies welcomed the idea.

Negotiations are underway with some companies either to stabilize or increase these rates, he added.

Mamish said the discounts aim to encourage shippers to use the Suez Canal and provide hard currency in advance for the Central Bank of Egypt (CBE).