Panama Canal releases addition details on toll hikes

Panama Canal releases addition details on toll hikes The Panama Canal Authority has released additional details on its plans for toll increases.
   The canal authority last Friday 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.
   Proposed tolls and implementation dates vary by vessel segment. The toll structure for containerships will increase from $49 per twenty-foot equivalent unit to $54 per TEU effective this May. The toll will increase to $63 per TEU in 2008 and $72 per TEU in 2009.
   Tolls for containerships have not increased in four years, the canal authority noted.
   For vehicle carriers, the toll will increase from $2.96 per unit to $3.24 per unit in May, with additional increases to $3.63 in 2008 and $3.90 in 2009.
   The authority said last Friday it 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. In addition, there would be changes to the adjustments and implementation of tolls based on the type of vessel transiting the canal.
   The canal authority is offering a formal comment period on the increases through March 12. For more information, visit https://www.pancanal.com.