Panama Canal publishes proposed tariff increase

Panama Canal publishes proposed tariff increase The Panama Canal Authority today published its proposed rate increase for vessels transiting the passage. It said the rates reflect the increased value of the canal to shippers and carriers as global trade increases.
   Officials project the canal will reach capacity by 2008. Panamanians recently approved in a national referendum a multibillion-dollar expansion project to build a second set of locks for the canal.
   Proposed tolls and implementation dates vary by vessel segment. Container vessels have not had their tolls increase in four years, the canal authority noted. The price adjustments will remain in place for at least three years.
   The authority also wants to change the calculations for tolls based on the vessel draft displacement to simplify the payment process. It proposes the charge be based on the maximum displacement draft instead of the arrival draft to assess tolls according to the specified tonnage rate.
   'This proposal is well thought out and well researched,' canal administrator Alberto Zubieta said in a statement. 'These new prices will allow us to continue providing the industry with the service they want and the service they deserve. At the same time, they will allow us to make the programmed investments for the Panama Canal Master Plan, which proposes to expand the capacity of the existing canal through the construction of a third set of locks. The industry has continually requested price stability and we have included this in our proposal and extended it until 2009, unparalleled in the industry.'
   The canal authority has opened a formal comment period through March 12 before the board of governors makes a final decision. For more information, visit https://www.pancanal.com.
   The section related to the pending toll changes could not be accessed prior to deadline.