Panama Canal To
Trim Transit Rates
The Panama Canal, now undergoing a US$5.25
billion expansion to handle larger vessels,
will cut rates temporarily as the global
economic slowdown damps trade.
The reductions will take effect June 1 and
run through Sept. 30, the Panama Canal
Authority said today in an e-mailed
statement. For example, supertankers that
navigate the 50-mile canal will pay US$5,000
less for a reservation fee, the agency said,
without giving the current rate.
The move is a response to a 1.4 percent drop
in first- quarter traffic. Supertanker and
other big-vessel transits decreased 2.9
percent and net tonnage dropped 3.3 percent
from a year earlier, the authority said on
April 14.
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