PANAMA -- One small mercy emerging from the worldwide economic slump is currently benefiting yachts that are transiting the Panama Canal.
 | | | Photo by: mexicoboating.com | | Canal Costs -- Fees for yachts to transit the Panama Canal will not increase through the end of 2010, according to the Panama Canal Authority. | | |
|
Citing the continued economic plight of many of its shipping customers, the Authority of the Canal de Panama (ACP) recently announced that it has again decided not to increase fees for vessels transiting the Panama Canal -- including yachts -- and that it will not raise fees anytime this year.
The basic transit fees for yachts, buffer fees and a slew of additional charges required for the transit have not been raised in the past 18 months. The ACP reserves the right to raise any fees as much as 10 percent in two semi-annual increments.
Although in past years, transit fees have been raised on the first days of May and October, the potential still exists for the ACP to pick January 1, 2011 for its next fee increase. If so, the increase is likely to be 5 percent, according to ship’s agents in Panama, and the fee increase announcement is likely to be made during October 2010.
Of course, if the economy remains slow, the ACP may decide not to increase the fees.
The Panama Canal is the fastest and most economical shortcut for vessels wishing to travel by water from the Pacific to the Atlantic and vice versa. The alternative water route via Cape Horn is difficult for recreational vessels.
Work continues on the Third Lane expansion of locks at Mira Flores, Pedro Miguel and Gatun -- and the marked deep-water course through freshwater Gatun Lake has been straightened by the removal of several small islands.
This article first appeared in the July 2010 issue of The Log Newspaper. All or parts of the information contained in this article might be outdated. |
