PANAMA CITY, Panama, February 17, 2006 – The Panama Canal Authority (ACP) announced today that effective April 1, 2006, there will be rate increases for tug and linehandling services due to rising operating costs. The decision was made by the Republic of Panama’s Cabinet Council, upon a recommendation from the ACP’s Board of Directors.
Rates for tug services will increase 7 percent and rates for linehandling services will rise 4 percent. Fees vary by vessel size. Rates for these services have not been increased since March 2004. However, increases in operating costs due primarily to sustained fuel hikes have impacted tugboat and linehandling services, making it necessary to adjust rates.
For more information on these increases, please refer to the ACP’s Web site: www.pancanal.com.
About the Panama Canal Authority
The Panama Canal Authority is the autonomous agency of the Government of Panama in charge of managing, operating and maintaining the Panama Canal. The operation of the Panama Canal Authority is based on its organic law and the regulations approved by its Board of Directors. For more information, please refer to the Panama Canal Authority’s Web site: www.pancanal.com.
The Authority’s responsibility to the Panamanian people is paramount. The Canal belongs to the people and benefits from the Canal should accrue to as many Panamanians as possible. The Authority will plan its future so that it will continually contribute to the economic development and welfare of the citizens of Panama.