A public hearing has been set for 27 February to discuss the changes, which will come into force in April 2016.

“The proposal, in its current form, safeguards the competitiveness of the waterway, charges a fair price for the value of the route and facilitates the canal’s goal of providing impeccable service to the global shipping and maritime community,” said ACP administrator/CEO Jorge Luis Quijano.

Each type of ship will be charged using different units of measurement, with boxship fees depending on teu, bulkers on deadweight and metric tons, cruiseships on berths, LNG carriers on cubic metres of cargo and tankers on Panama Canal tons and metric tons.

The charges will include the new lane of traffic opening in 2016.

Containerships that regularly use the waterway will receive cheaper prices “once a particular teu volume is reached.”

“The proposed tolls include significant reductions in the capacity-based charge, and price differentiation based on vessel size ranges,” ACP said.

LNG carriers represent a new business for the canal, as they have previously been too wide to fit the existing locks.

A gas vessel completing a round-trip voyage will have the option of receiving a special ballast fee.

Bulkers will be charged different rates depending on the cargo type.

“These rates have been designed to encourage the deployment of larger vessels through the waterway,” ACP added.

Panamax-sized cruiseships will pay $144 per berth, while ships using the new locks will hand over $154.