Panama’s cabinet council has approved a request by the Panama Canal Authority (ACP) to modify the canal toll structure and implement volume-based discounts for container ships. The new toll schedule will take effect April 1, 2016.
New tolls apply to all lanes, including the new third lane, according to the Panama authorities as reported by energy news provider Platts.
It modifies the pricing structure for most canal segments and establishes a new segment specifically for LNG tankers - a key new market for the canal once the expansion is completed.
"After working in close cooperation with our partners in the maritime industry, I am pleased we will be able to provide a more bespoke pricing solution for our customers; one that recognizes their various needs and requests, while still appreciating the value and reliability provided by the route," said Panama Canal Administrator and CEO Jorge Quijano.
Today's passage follows more than a year of informal consultations with representatives from various industry segments, an open call for comments, and a public hearing to solicit industry feedback on these changes.
Prices are now based upon different units of measurement to meet and align with the diverse traffic transiting the locks.
Tolls on most vessel classes and market segments will now be priced based upon different units of measurement ACP said in a statement.
The Panama Canal widening project, which emerged in response shipping's preference for ever larger ships, is nearly 90% complete. With all 16 gates now installed, the next milestone for the expanded Canal will occur when the lock chambers are flooded.
Despite all the works undertaken there will be no room for the latest generation of giant container vessels and there 20,000 TEU payloads.
Currently limited to vessels of about 5,000 TEU the jump to New Panamax and the ability to handle ships up to circa 13,000 TEU will benefit many but the biggest of box carriers, TI class supertankers, and Valemax ore carriers will still have to avoid the canal.