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Panama approves new Canal tolls structure

LNG Industry,

The Cabinet Council of the Republic of Panama has approved a proposal to modify the Canal tolls structure.

The moves follows a recommendation from the Panama Canal Authority (ACP) Board of Directors.

The accepted proposal, which modifies the pricing structure for most Canal segments, will better facilitate the goal of providing reliability to the global shipping and maritime community while allowing the ACP to safeguard the competitiveness of the waterway.

"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 recognises their various needs and requests, while still appreciating the value and reliability provided by the route," said Panama Canal Administrator and CEO, Jorge L. Quijano.

Most segments will now be priced based upon different units of measurement to meet and align with the diverse traffic transiting the locks. For example, dry bulkers will be based on deadweight tonnage capacity and metric tons of cargo. LNG and LPG vessels will be based on cubic meters and tankers will be measured and priced on Panama Canal Universal measurement system (PC/UMS) tons and metric tons of cargo.

Photo courtesy of ACP.

"The ACP deeply values the relationships we share with our customers. As we prepare for the completion of the Canal's Expansion Program, we look forward to continuing to provide the same superior reliability, service and value to our customers, as well as now accommodate longer, wider ships and the new LNG segment," Quijano concluded.

Adapted from press release by Katie Woodward

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