New Panama Canal tolls structure approved
The Cabinet Council of the Republic of Panama officially approved a proposal to modify the Panama Canal tolls structure, following a recommendation from the Panama Canal Authority (ACP).
After the 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, the proposed tolls modifications were officially announced on June 1, 2017.
The approved tolls modifications are scheduled to go into effect on October 1, 2017, at the beginning of the Canal’s fiscal year.
The modifications are geared towards the containership segment, offering better rates per loaded containers on the return voyage, applicable to Neopanamax vessels.
Additionally, the new structure modifies the tolls charged to liquefied natural gas (LNG) and liquid petroleum gas (LPG) vessels, which will be set at the levels presented in the original tolls proposal. This decision was made after the analysis of the impact of the proposed increases in the supply chain and final user.
According to the newly approved toll structure, the ballast tariff will be applied to the LNG vessels transporting up to a maximum of 10 percent of the total cubic meter of LNG cargo capacity of the spaces designed and certified for such use.
The operators that use the same LNG vessel for a voyage to and return from a specific destination through the Panama Canal, will pay the laden tariff for the laden portion of the trip, and would be eligible for the roundtrip ballast fee if the return transit in ballast is made within 60 days after the laden transit.
Finally, container/breakbulk vessels-formerly part of the others market segment-will be reclassified into the general cargo segment, thus resulting in more attractive tariffs for customers in this category.