Panama City, Panama, July 5, 2017 – Today, at the conclusion of a 32-day formal consultation period for industry feedback, the Panama Canal Authority (ACP) held a public hearing on its tolls structure modifications proposal.
“The modified tolls will safeguard the Canal’s competitiveness, charge a fair price for the value of the route and provide a competitive service to the global shipping industry,” said Panama Canal Administrator Jorge L. Quijano. “The public hearing is a key part of the tolls modification process, which ensures all interested parties can provide feedback for consideration.”
All comments received at the public hearing and in writing will be carefully evaluated and analyzed by the Board of Directors, which will submit its recommendation to the Cabinet Council of the Republic of Panama, for official approval. The final decision will then be announced to the shipping community.
Initially announced on June 1, the modifications were proposed after a thorough analysis of the current utilization and productivity of the Neopanamax Locks, and after meetings with Panama Canal executives, customers and industry representatives in Europe, Asia and North America. These meetings provided a deeper understanding of the industry today, the challenges faced by individual market segments and the projected demand for the Neopanamax Locks.
The proposed modifications provide additional incentives to the container segment for their return voyages, a reclassification of the container/breakbulk vessels, and revised tolls for the liquefied natural gas (LNG) and liquid petroleum gas (LPG) segments, reflecting the changing demand for the route.
For more details, please refer to the following website: http://www.pancanal.com/peajes/
About the Panama Canal Authority
The Panama Canal is run by an autonomous agency of the Government of Panama in charge of managing, operating and maintaining the Panama Canal. The operation of the Panama Canal Authority (ACP) is based on its organic law and the regulations approved by its Board of Directors. For more information, please refer to the ACP’s website: http://www.pancanal.com or follow us on Twitter @thepanamacanal .
About the Panama Canal Expansion
The Panama Canal Expansion is the largest enhancement project since the Canal’s opening in 1914. Considered and analyzed for a decade with more than 100 studies, the Expanded Canal provides the world’s shippers, retailers, manufacturers and consumers with greater shipping options, better maritime service, enhanced logistics and supply-chain reliability. The Expansion included the construction of a new set of locks on the Atlantic and Pacific sides of the waterway, creating a third lane of traffic and doubling the cargo capacity of the waterway. While the expanded locks are 70 feet wider and 18 feet deeper than those in the original Canal, they use less water due to water-savings basins that recycle 60 percent of the water used per transit. In line with its commitment to customer service, the Panama Canal will continue to provide the world with value for another century and beyond.
