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31 Jul 2015 / Panama, Panama Canal

Proposal to modify tolls structure

The Board of Directors of the Panama Canal Authority have approved a proposal to modify the Canal tolls structure. Proposed regulations for the admeasurement of vessels to establish the rates that will apply for the use of the new neopanamax locks currently under construction, as well as rates for vessels transiting the panamax locks, have also been approved. The proposal, which has been subjects to extensive informal consultation with groups representing Canal users, includes the adoption of measurement units adapted to various market segments for the calculation of tolls, depending on vessel type and size, and the introduction of incentive initiatives for the full container, dry bulk, gas carriers and vehicle carriers/Ro-Ro segments. The proposal includes two additional market segments that open the waterway to markets and routes that have traditionally been unable to use the panamax locks due to vessel dimensions, such as LNG carriers. Also proposed is a new "Intra Maritime Cluster" segment for vessels that provide local services in Panama but do not compete with international trade. The Canal Authority has made a commitment to announcing proposed toll charges at least one year prior to the commencement of operations of the new neopanamax locks. Progress for the expanded Canal to date registers at 83%. The beginning of the consultation process, including a public hearing, will ensure that users have the relevant toll information with sufficient time to plan any adjustments to their business models. The new proposed structure will come into effect from 1 April 2016, regardless of whether commerc ial transits have begun through the new neopanamax locks. However, in the events that the commercial transits through the neopanamax locks begin prior to 1 April 2016, the new pricing structure will apply from the date determined by the Board of Directors, but not before 1 February 2016. The formal consultation process will commence immediately after publication and will extend until 9 February 2015. During this period, the Panama Canal Authority will consider additional input and feedback from interested parties and welcomes any written date, opinions or statements in English or Spanish. The public hearing will be conducted on 27 February 2015 at the "Ascanio Arosema" complex, Balboa, beginning at 0900 hours EST. For more information, visit www.pancanal.com For information about operations in Panama contact GAC-Wilford & McKay at [email protected]

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