Canal Tolls 

The Panama and Suez Canals are of great commercial importance to the shipping industry. They are critical to reducing voyage times and fuel costs, as well as the sector’s CO2 emissions. 

These advantages come at a price, however, in the form of canal tolls, which for large shipping companies can amount to tens of millions of dollars per year. ICS therefore places much importance on maintaining dialogue with both the Panama Canal Authority (ACP) and the Suez Canal Authority (SCA), both of which are legitimately attached to profit maximisation to support their respective nations’ economies. 

PANAMA CANAL 

In early 2022, the Panama Canal Authority (ACP) unveiled its long-term pricing strategy spanning from 2022 to 2025, aimed at ensuring the toll structure responds dynamically to the canal’s supply and demand conditions while providing industry stakeholders with necessary predictability.  

The International Chamber of Shipping (ICS) participated in two rounds of discussions resulting in amendments to the proposed strategy. The final ACP proposal saw reductions in tolls for ballast voyages, a postponement of toll hikes for passenger vessels and a decrease in charges for empty containers. 

Implemented since July 2022, the Panama Canal transit fees are now calculated using three components: a minimum fixed rate based on the lock system used (Panamax or Neopanamax), a fixed fee determined by vessel size using the Panama Canal Universal Measurement System (PCUMS), and a variable charge contingent on the canal’s supply and demand conditions. Despite earlier indications from the ACP suggesting fee calculations until 2028, the finalised pricing strategy only enables calculations until 2025. However, they have stated they would align toll adjustments with inflation but, noting the challenges faced by the industry, do not currently plan to implement any further changes until 2026 

SUEZ CANAL 

On 16 October 2023, the Suez Canal Authority (SCA) announced planned increases to transit dues for vessels transiting the canal. These increases, ranging from 5% to 15%, vary by shipping segment and took effect in January 2024. 

In addition to these increases, the SCA introduced rebates for dry bulk vessels operating between Egyptian ports on the Red Sea and ports in South-West Africa. Specifically, vessels calling at ports in Ghana, Togo, Benin and Nigeria will receive a 20% rebate, while those calling at ports in Cameroon will benefit from a 45% rebate. 

To further enhance its services, the SCA also implemented an increase in electronic service fees starting January 2025. The fee for vessels over 300 gross tons transiting the canal was raised from $300 to $500. 

These adjustments, along with extended rebates for dry bulk vessels until June 30, 2025, are part of the SCA’s broader strategy to maintain competitiveness and encourage greater transit traffic through the canal.