The International Chamber of Shipping will receive news of further hikes in the costs to go through the Panama Canal this coming June. The World Shipping Council and container lines have been trying strong arm negotiations with Panama to cut the cost of passage through the water way, but to no avail.
Panama extended an eight-month reprieve for any toll increases to The World Shipping Council by the Panama Canal Authority administrator. The administrator who pointed out the waterway offers the best value in shipping. The Panama Canal Authority has tried to be flexible by delaying any toll increases to the hard hit industry, but reaffirmed it will after the eight-month reprieve increase rates.
Interestingly, the Canal witnessed only a 3.5% drop in demand during one of the most difficult trading years in memory, unless you were part of the 1930’s depression and aftermath. Public hearings will give shipping lines their chance to voice their concerns, but these meetings in the past have been ineffective in unwanted increases.
For More on Panama: PanamaQmagazine.com