The Panama Canal Authority (ACP) has postponed by six weeks price increases on canal transit fees which were due to come into effect today.
The announcement follows a joint letter sent by the International Chamber of Shipping (ICS), the Asian Shipowners’ Association (ASA), and the European Community Shipowners’ Association (ECSA), expressing concerns over the speed of price increases that were expected to begin from today.
The proposed changes, representing a minimum cost increase per transit reservation of $20,000 – up 57% – and a maximum cost increase of $58,500 – up 167%, will now start on June 1.
ACP has linked the increased fees to changing supply and demand conditions for the service it offers.
ICS secretary general Guy Platten said the shipping industry was keen to establish a productive dialogue with the ACP to develop a long-term pricing strategy to provide industry with predictability on transit costs.