C.FERNIE & CO S.A, our correspondents in Panama, has provided us with the following information.

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ACP announced they will publish their proposed New Tolls Structure that will cover costs for usage of both the new locks and current locks when the “new” locks are opened probably April 2016. We understand the Proposal will contemplate ship type, size, cargo capacity, type of cargo with variances depending on locks used and operational factors yet to be determined.

We ourselves are sure to have many questions to ask of ACP and will need time to evaluate the practicality and difficulties involved in the new calculations. There will no doubt be many questions as to the implementation and calculation of the tolls according to the new structure.

We do understand that the new system, assuming adopted, would not be effective prior to the opening of the “new” locks in 2016-so there is time to assess.

The published document is lengthy and complex, taking into account , many factors such as vessel type, nature of cargo, quantity of cargo onboard, which “locks” will be available / used for the transit. Therefore there are a great variety of possibilities making it very difficult, at first sight, to provide specific information on costings. Unfortunately the calculation system will become far more complicated than under previous structure, tariffs.

Public consultations initiated on the date of publication and run through the 9th February. The Public Hearing is being scheduled in Panama City for the 27th February 2015.

Attached is copy of Advisory to Shipping No.A-02-2015 with reference to the Proposal. The Proposal document is available on the Panama Canal Authority website: www.pancanal.com.

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ADV02-2015-Proposal-to-Modify-the-Panama-Canal-Tolls-Structure.pdf

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