The Panama Canal Authority proposed a comprehensive restructuring of its toll system on Friday, which would increase rates charged on cargo such as vehicles, oil and gas and soybeans that cross the waterway as ocean shippers rake in record profits.
The changes would reduce the current structure to fewer than 60 tariffs from 430 now and focus on vessel capacity and fixed tariffs per transit. Ships would also pay different fees depending on which sets of locks are used, according to a statement from the canal authority.
A liquid petroleum gas carrier transporting 46,000 tons of propane through the canal’s expanded locks, for example, would pay $5.20 more per ton by 2025, representing roughly 0.9% of each unit’s final market price. Oil tankers carrying 450,000 barrels of crude through the original locks would see an increase of $0.20 per barrel, boosting final market unit price by 0.4%, according to the statement. Car carriers, chemical and LNG tankers and vessels carrying bulk such as grains and coal would also see higher tariffs, affecting market prices by roughly 0.1% to 0.7%.