Panama Canal will cut some fees this summer
Higher tolls went into effect May 1 on ships transiting the Panama Canal, but the agency said last week it will temporarily roll back some charges for a four-month period, beginning June 1.
The Panama Canal Authority said it was taking two actions “to help mitigate the impact of the crisis on the canal’s clients.”
Meanwhile, Panamanians elected a new president Sunday. Supermarket magnate Ricardo Martinelli was reportedly leading with 61 percent of the vote.
Martinelli and his main rival in the election both had reportedly expressed support for the planned expansion of the canal.
The temporarily lowered charges planned by the port authority are as follows:
' Containerships loaded to 30 percent or less of capacity will be able pay the ballast rate of $57.60 per TEU, $14.40 less than the $72-per-TEU fee. That’s a little succor to the container business that last Friday, saw rates for laden boxes climb from $63 to $72 and for empty boxes from $50.40 to $57.60.
' The base reservation price for all sorts of vessels that use the canal’s reservation system will be reduced. For example, the base reservation price for a super vessel, with a beam greater than or equal to 100 feet and a length greater than or equal to 900 feet, is reduced by $5,000 per transit.
' Reduced fees for late arrivals. Currently, when vessels fail to arrive on-schedule, they lose their slot, but have the option to pay an additional charge to keep the reservation and transit that same day. The new temporary measure reduces the charges and provides shipping lines with greater flexibility. The percentage reduction varies depending on the vessel’s arrival time.
' More flexibility for slot substitutions. Canal customers will now have 30 days before the date of a vessel’s transit to request slot substitutions without additional costs. Previously, customers could make such requests without an additional charge if that request was made at least 60 days prior to the date of transit. This temporary measure grants shipping lines more flexibility for slot substitutions, allowing them to replace one vessel for another with similar dimensions.
The canal saw first quarter revenue of $923 million, up from $827 million in the same 2008 period. Canal transits decreased 1.4 percent to 3,914 transits from 3,971 in the same 2008 period. Transits of “supers,” larger ships that require greater time and navigation skills to transit, declined 2.9 percent to 1,815 transits from 1,869.
