GOVERNMENT OF PANAMA APPROVES CANAL TOLL INCREASE

News Release Panama Canal Authority August 8, 2012

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IMPLEMENTATION OF NEW PRICING FOR CERTAIN SEGMENTS MOVED TO OCTOBER
OF 2012 AND OCTOBER OF 2013

NEW TOLLS
MOVE THE CANAL’S PRICE CLOSER TO THE VALUE OF SERVICE
PROVIDED

PANAMA CITY,
Panama, August 8, 2012– Following the recommendation from the Board
of Directors of the Panama Canal Authority (ACP), the Cabinet Council of the
Government of the Republic of Panama approved yesterday the proposal to
restructure the Panama Canal’s pricing system.   

“The new tolls structure was conceived in
accordance with the commercial value that the route offers its users.  We
look forward to working alongside the industry to continue offering a reliable
and competitive service,” said Panama Canal Authority Administrator/CEO Alberto
Alemán Zubieta.
The new tolls were postponed
to October 2012 and October 2013, respectively.  
“The new structure offers
price stability to the Panama Canal clients during the next two years, while the
approved tolls remain below the value it offers as a safe, reliable and
efficient route,” added Alemán Zubieta. 

New
Segments The new structure increases the number of segments from eight to ten.
It also breaks down the tanker segment into three distinct segments and
incorporates the roll-on/roll-off vessels into the vehicle carrier segment. The
Panama Canal market segmentation structure includes the following: (1) full
container, (2) reefer, (3) dry bulk, (4) passenger, (5) vehicle carrier and
ro-ro, (6) tanker, (7) chemical tanker, (8) LPG, (9) general cargo and (10)
others. The container/breakbulk segment, which was included in the original
proposal, has been eliminated.
The ACP will increase
the tolls for the following segments: 
·       general
cargo
·       dry bulk
·       tanker
·       chemical tanker
·       LPG
·       vehicle carrier and ro-ro
·       others

The remaining segments will not
be adjusted at this time, nor will the price per TEU for containers carried
onboard a vessel. Additionally, there will be changes to tolls applicable to
small vessels based on vessel length, to incorporate adjustments not previously
considered.
 
For more information on the
tolls structure visit: <A
href="redir.aspx?C=ecd9098b3f1a44998400bf032a4e56be&URL=http%3a%2f%2fwww.pancanal.com%2f"
target=_blank>www.pancanal.com</A>. 
 
About the
Panama Canal Authority (ACP) The ACP is the autonomous agency of the Government of Panama in
charge of managing, operating and maintaining the Panama Canal. The operation of
the ACP is based on its organic law and the regulations approved by its Board of
Directors. For more information, please refer to the ACP's Web
site: <A
href="redir.aspx?C=ecd9098b3f1a44998400bf032a4e56be&URL=http%3a%2f%2fwww.pancanal.com"
target=_blank>www.pancanal.com</A>. For Panama Canal video, please
visit <A
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target=_blank>http://www.youtube.com/elcanaldepanamatv</A>. You can also follow us
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