The Cabinet Council of the Republic of Panama has approved the tolls structure recommended by the Panama Canal Board of Directors. This means the Panama Canal will assume a simplified, value-based pricing structure, reducing the number of tariffs from 430 to fewer than 60.
Panama Canal Administrator Ricaurte Vásquez Morales: “The proposal aims to strengthen the tolls structure in a way that is consistent with the value provided by the Canal transit service while providing greater visibility and predictability to customers.”
The tolls proposal was issued on 1 April and went through a formal consultation period during which 17 interested parties submitted their comments or opinions in writing. The public hearing was held in Panama on 20 May, with the participation of seven parties, representing local and international customers.
The charge for empty containers (TTE) will be reduced to US$2/TEU in 2023, US$4/TEU in 2024, and $6/TEU in 2025, instead of US$5, US$6.50, and US$8 that were initially proposed for each year, respectively. For all the other market segments, tolls will be calculated by applying 85% of the laden toll instead of the originally proposed 90%.