Panama Canal Handles 5% of World Trade. Revising Fees and Routes For 2015

As Bloomberg reports, ‘The Panama Canal, handling 5 percent of world trade, may change how it calculates tolls for ships carrying energy cargoes to boost traffic once a US$5.25 billion expansion is complete in 2015.’

The Canal is currently expanding to attract bigger ships, and is reconsidering how it charges its fees. Panama Canal Authority Administrator Jorge Luis Quijano said “Expanding the 99-year-old, 80-kilometer (50 miles) waterway to accommodate bigger ships will cut freight costs for energy- fuel cargoes and open new trade routes if the fees are set correctly.

The new fee structure will be announced by February 2014, for implementation by 2015, he said

Boats waiting at the Panama Canal. Photo by zachstern