Panama Canal Fee Increase ‘Unacceptable’

In a strongly worded letter to the Panama Canal Authority (ACP) in which it describes plans to increase tolls by up to 15% as ‘simply unacceptable’, the ICS calls for the plans to be withdrawn and for future increases to be given with at least six months’ notice to enable shipping companies to plan properly and fully assess the impact of the proposed changes.

Last month the ACP published plans to increase its tolls, despite assuring industry in January that there would only be one small adjustment to tolls before completion of the expansion project in 2014.

Toll increases could come into effect as early as 1 July if agreed at a public hearing at the end of this month. ICS Secretary General, Peter Hinchliffe, said there was ‘no pressing need’ for the increases given that ‘canal revenues are currently very healthy’.