The introduction of increased rates for transiting the Panama Canal will be delayed following protests from major shipping groups.
The Cabinet Council approved the timing of new fees set by the board of the Panama Canal Authority (ACP) on Tuesday, August 7.
During his presentation to the Cabinet, the administrator of the ACP, Alberto Aleman Zubieta said that in view of the request for additional time by the industry during the consultation period and public hearing, the board amended its original proposal. The effective date of the first phase of adjustments has been moved to October 2012 and the second phase in October 2013, according to a bulletin of the Ministry of Communications. The initial dates set for the toll increases were the July 1, 2012 and July 11 2013.
Aleman Zubieta said that with the enactment of the adjustments, the waterway would not jeopardize its competitiveness.