Panama’s Cabinet Council officially approved the modification of the toll structure of the Panama Canal, following the recommendation of the Board of Directors. The new structure seeks to improve the Canal’s ability to provide a competitive and reliable service for the global maritime transport.
The approved changes apply to the tolls for Neopanamax dry bulk ships carrying iron ore, Neopanamax dry bulk ships transiting in ballast, vehicle carriers/ RoRo segment and liquid bulk ships, including product tankers, chemical tankers, LPG and LNG carriers.
The approved amendments also include adjustments made in response to comments received during the formal consultation period, submitted during the toll hearing on July 24.
These adjustments exclude the proposed toll modification for the passenger segment, which will continue to be charged according to the current structure.
In addition, consideration was given to postpone the implementation date for tolls applicable to certain segments until April and May 2020.
Specifically, final toll modifications include:
- Dry bulk segment: Tolls charged to Neopanamax ships carrying iron ore were equalized with tolls established for grains and “other dry bulk” charges. This includes an increase in tolls for Neopanamax dry bulk ships transiting in ballast. These will take effect from 1st April 2020.
- Container ship segment: Two new categories were incorporated into the Loyalty Program with the aim of encouraging the deployment of larger cargo volumes and additional services through the interoceanic route. These will take effect from 1st January 2020.
- Containers on deck: New rate per TEU for ships carrying containers on deck, which do not belong to the container segment, allowing a differentiated charge for containers that are empty, dry or refrigerated. These will take effect from 1st April 2020.
- Transport of vehicles and RoRo segment: The tolls charged were modified and the ship size ranges were revised to more precisely differentiate the current fleet. According to the recommendations received, the tolls presented in the original proposal were adjusted for Neopanamax vessels. These will take effect from 1st April 2020.
- Tankers, chemical tankers, LPG and LNG ships: Toll structures remain unchanged, however, toll adjustments are proposed to align more closely with the value of the route. The approved tolls adjustments will take effect from 1st April 2020.
Additionally, modifications for the rates of smaller vessels -excluding the Local Tourism Conglomerate- are to take effect from 1st January 2020, but for the maritime conglomerate – local tourism segment are to take effect from 1st May 2020.
The proposed toll modifications were officially announced on 14 June 2019.
This initiated a 30-day formal consultation period concluded by a public hearing held on July 24 to ensure that all parties could submit their comments for consideration.
This week the Panama Canal welcomed Dr. Ricaurte Vásquez Morales as a new administrator at the helm, succeeding Mr. Jorge L. Quijano.
