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Panama Canal to Raise Tolls Over Objections From Ship Owners

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Aug. 8 (Bloomberg) -- The Panama Canal Authority said it will raise shipping tolls as it nears completion of a $5.25 billion expansion to accommodate larger vessels.

The Canal Authority said the higher fees will take effect in October, according to an e-mailed statement today from the waterway’s operator.

Ship owners representing 80 percent of the world’s fleet had called for delaying the increase, claiming that a 15 percent toll raise was “excessive,” the International Chamber of Shipping said on May 25.

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To contact the reporter on this story: Eric Sabo in Panama City at esabo1@bloomberg.net.

To contact the editors responsible for this story: Joshua Goodman at jgoodman19@bloomberg.net.

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