The Panama Canal Authority will not raise tariffs for ship transits this year, RIA Novosti reported citing the state-owned PC Authority statement. Panama Canal sees more than 4% of all global freight flows annually.
Earlier, the Panama authorities would increase transit fees in May. In 2007 the fees rose from $49 to $ 54 for a standard shipping container, in 2008 up to $63 and to $72 in 2009.
This was done in accordance with Article 75 of the Law of the Panama Canal, which provides for the formation of tariffs "based on the calculated rates to cover the cost of the operation and modernization of the canal.”
"Whereas, the dramatic economic situation in the world, it was decided to leave unchanged this year the tariff for ship transit through the Panama Canal," the Authority statement said.
The Panama Canal’s report for second-quarter of fiscal year 2010 showed a 1.5-percent drop in ship transits, at 3,854 units. Transits of large tonnage vessels also declined by 0.8%, to 1,801 units.
Earlier, the Panama authorities would increase transit fees in May. In 2007 the fees rose from $49 to $ 54 for a standard shipping container, in 2008 up to $63 and to $72 in 2009.
This was done in accordance with Article 75 of the Law of the Panama Canal, which provides for the formation of tariffs "based on the calculated rates to cover the cost of the operation and modernization of the canal.”
"Whereas, the dramatic economic situation in the world, it was decided to leave unchanged this year the tariff for ship transit through the Panama Canal," the Authority statement said.
The Panama Canal’s report for second-quarter of fiscal year 2010 showed a 1.5-percent drop in ship transits, at 3,854 units. Transits of large tonnage vessels also declined by 0.8%, to 1,801 units.