The Cabinet Council of the Republic of Panama officially approved modifications to the Canal Tolls structure.
The tolls modifications aim to strengthen the tolls structure in a way that is consistent with the value provided by the Canal transit service while providing greater visibility and predictability to customers.
The modifications lead to a simplified structure, while adding transparency for the benefit of the Panama Canal and its customers.
The tolls proposal was issued on April 1st, 2022 and went through a formal consultation period during which 17 interested parties submitted their comments and opinions in writing. The public hearing was held in Panama on May 20, 2022, with the participation of seven parties, representing local and international customers.
During this process, customers recognized the Canal’s efforts to promote global trade, especially during the COVID-19 pandemic and welcomed the simplification of tolls. Ensuring that customers’ feedback from the open and transparent dialogue was considered, the structure was modified to incorporate the following changes to the original proposal:
All other tariffs will be implemented gradually from January 2023 to January 2025 at the originally proposed levels, including the proposed modifications to the loyalty program for containerships, which will be phased out by January 2025. Incentives for return voyages applicable to containerships and liquefied natural gas (LNG) vessels will be eliminated by January 2023 when the new structure comes into effect.
The visibility charge currently applied to full container vessels, and classified as Other Marine Services, will be eliminated prior to the implementation of the new tolls to avoid an overlap with the Total TEU capacity (TTA) charge.
Source: Panama Canal Authority Advisory to Shipping No. A-25-2022
