PANAMA CANAL AUTHORITY PROPOSES NEW PRICING STRUCTURE

PANAMA CANAL AUTHORITY PROPOSES NEW PRICING STRUCTURE    The Panama Canal Authority has released a formal proposal to change its 90-year-old pricing structure, moving toward a market-oriented model.
   “This historic shift is the first step toward changing'[the Canal’s]'long-standing, one-size-fits-all pricing structure, and replace it with a system that is more tailored to individual customer needs,” said Alberto Aleman Zubieta, canal administrator.
   Under the new structure, Canal toll rates will increase by 13 percent, and an additional $200-per-wire fee will be charged for ancillary locomotive services.
   After a 30-day comment period, a public hearing will be held in Panama City on July 19. Final approval will have to come from the Canal’s board of directors.
   Zubieta said the total Canal transit time has been reduced to 23.9 hours, down from 32.9 hours in 1999. Vessel accidents have declined from 37 in 1996 to 17 in 2001.