Panama Canal change toll rates and offer discounts to shipowners

Panama Canal Authority has published a proposal to change the toll system for passage of ships to increase its attractiveness in the face of increased competition. An year after the opening of new locks of the Canal in June 2016, Panama Canal Authority proposes to reduce tariffs for container ships, which account for the largest part of the traffic through a new extended channel, and gas tanker vessels, as well as reclassify ships carrying both containers and general cargo.
Thus, the project provides for a reduction in the collection rate for Neopanamax class container ships under certain conditions. The discounts are offered only to those vessels whose route passes through the Panama Canal back and forth, with the gap between the passage in the northern and southern directions being no more than 25 days, and loading in the north direction being at least 70%.
The new system of fees should enter into force on October 1 after approval by the Cabinet of Ministers of the country.
Meanwhile, the discounts, which the Administration of the Suez Canal gradually introduced since March last year, began to attract shipowners. So, in April the number of ships through Suez increased by 4% yoy, while in March the growth was 4.8% yoy. Despite the reduction in the rates of fees, the proceeds from the transit of ships through the canal grew by 4.1%.