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Panama Canal proposes simplified toll structure
The Panama Canal has published a proposal for a new, streamlined, toll structure, culling the number of fees from 430 to fewer than 60
The Canal Authority said the proposed structure will provide price stability for the next three years, establishing tolls well in advance, allowing customers the chance to plan their business decisions.
Among the proposed changes is eliminating price bands by fixed and capacity rates and instead, simplified tariffs will be set according to the locks used, the vessel type and size category. Tolls will be determined by two components: a fixed tarrif per transit according to the lock used and the size category of the vessel (regulars, supers, and new-Panamax).
Modification of tariffs for ships in ballast: the Canal will reduce rates for ships in ballast that are complex and are not consistent with the value provided to the client. Ships transiting in ballast will pay a percentage of the regular toll, regardless of market segment. Return voyage fees for container ships and LNG vessels are eliminated.
The Canal is also looking to modify its container ship loyalty programme by pruining the number of categories from six to one. A single category will be established in the loyalty programme applicable to those customers who accumulate more than 1.5M TEU per year.
A grace period will be established in 2023 and 2024, during which the simplified version of the loyalty programme will remain in force and the programme will be eliminated by 2025.
Panama Canal vice president of finance Víctor Vial said, “Our ability to maintain a safe and reliable route amid growing supply chain and environmental challenges depends on making strategic investments and adjustments to our structure.”
“Innovative investments are already being made to capitalise on these changes and strengthen the role of the Panama Canal in connecting smarter, more sustainable supply chains.”
As part of wider ambitions to revitalise the role of the waterway in world trade, the Panama Canal plans to invest an estimated US$2Bn in water projects, and will pursue additional investments in digital transformation, infrastructure maintenance, as well as new infrastructure and equipment with the goal of becoming carbon neutral by 2030.
The toll proposal can be accessed here.
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