Panama Canal booking tariff hike postponed to June: ACP

London — The Panama Canal Authority, or ACP, announced late April 13 it postponed the implementation date of the increased booking tariffs for ships transiting the Panama Canal to June 1, originally announced Feb. 17 to be implemented April 15.

The ACP said the delay would provide the maritime industry more time to prepare for the change in booking fees.

Clean tanker shipowners operating in the Americas anticipate the increase in booking fees will have to be passed on into freight for voyages transiting the Canal. Medium Range owners believe the rise in transit prices and lengthening wait times require historical distance differentials on west coast discharge ports to adjust. Since the implementation of the Freshwater Surcharge fees on Feb. 15, 2020, owners have reported daily Time Charter Equivalent earnings for voyages through the Canal much lower than other US Gulf Coast-loading routes.

For the Panamax locks, new tariff levels starting June 1, 2021 would see a 60% increase for Medium Range, Long Range 1, and Panamax tankers, which will pay a booking fee of $40,000 under the new regulations. Larger tankers including Long Range 2 and Aframax classes will see a 43% increase to $50,000 per booking.

At the Neopanamax locks, all tanker classes with beams smaller than 41.67m or 140 ft in length, which includes MRs, LR1s, LR2s and Aframaxes, will pay $70,000 in booking fees, a 100% increase from the current $35,000 tariff.

Shipping sources reported transit wait times at the Canal stood between five and six days at the Panamax Locks April 14.

In the original announcement Feb. 17, the ACP attributed the increased transit reservation fees to growing demand for transit, intended to "highlight the real contribution provided by the system, providing consistency with service levels, the increasing demand, and actual value it generates to users."