Five years after breaking ground, progress on the Panama Canal expansion is nearing the halfway point, according to the Panama Canal Authority (ACP). ACP estimated that, as of Aug. 31, the expansion was 44.5 percent completed. "The Panama Canal Expansion Program is moving forward at a good pace," said Panama Canal Administrator Jorge Quijano.
The Panamanian government approved the Panama Canal Authority’s (ACP) proposed toll increase. Effective Oct. 1, 2012, and Oct. 1, 2013, respectively, the ACP will increase the tolls for general cargo, dry bulk, tanker, chemical tanker, Liquefied Petroleum Gas (LPG), vehicle carrier and ro-ro, and the segment known as others. The remaining segments -- container, reefer and passenger -- will not be adjusted at this time, nor will the price per twenty-foot equivalent unit (TEU) for containers carried onboard a vessel, ACP said. Additionally, there will be changes to tolls applicable to small vessels based on vessel length, to incorporate adjustments not previously considered.
The Panama Canal Authority (ACP) Board postponed the proposed effective date of its toll increase to October of 2012 and 2013, it said in a press release. The new tolls, proposed in April, were originally slated to take effect in July with a second step of increases in 2013, the board said, but the proposed implementation date was postponed in response to industry requests.
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