PACIFIC CARRIERS RAISE PANAMA CANAL SURCHARGE

PACIFIC CARRIERS RAISE PANAMA CANAL SURCHARGE    Shipping lines of the Transpacific Stabilization Agreement plan to increase their Panama Canal surcharge, following cost increases announced by the Panama Canal Authority.
   The carriers’ surcharge will go up from the current level of $90 per container to $100 per container, effective Oct. 1. Then, on July 1, 2003, the carriers’ surcharge will be raised again to US$105. The charge applies to containers of all sizes routed through the Panama Canal.
   The carriers said that the surcharge is a pass-through of Panama Canal toll fees. The Transpacific Stabilization Agreement lines are responding to a July 2002 decision by the Panama Canal Authority to raise per container tolls by 8 percent ($10) on Oct. 1, followed by a 4.5 percent increase ($5) on July 1, 2003.
   The carriers of the Transpacific Stabilization Agreement are: APL, CMA CGM, COSCO Container Lines, Evergreen Marine, Hanjin Shipping, Hapag-Lloyd, Hyundai Merchant Marine, “K” Line, Maersk Sealand, MOL, NYK Line, Orient Overseas Container Line, P&O Nedlloyd and Yang Ming Marine.