Enhancing Transportation Opportunities for the Americas
“The New Expanded Panama Canal”
2nd High Level Meeting with Industry Representatives
International Chamber of Shipping
November 15, 2013
Closer interaction with the industry.
Charting a course to be the route of choice for cargo in
and through the Americas.
Competitive pricing with incentives for Post Panamax
tonnage resulting in overall lower transport cost.
Focus on volume growth.
Invitation to study incentives to encourage loyalty and
volume.
Alliances will change the container industry and the Canal
must adapt in order to remain the route of choice.
Seeking ways to create more dynamic toll structures to
allow greater opportunities for the Clients and the Canal.
Keep emphasis on transit service while committing to a
focus on an efficient logistic cluster in Panama.
Combining capacity, connectivity and a logistics cluster
creates great synergies for carriers, alliances and networks.
Industry Visits – Next Steps Chronogram
The Future of Pricing: New Initiatives
Advantages, Conclusions and Next Steps
Completed:
•
December 10, 2012: International Chamber of Shipping (ICS), London, England.
•
January 3, 2013: Panamanian Maritime Chamber (Same presentation given to the ICS)
•
January 18, 2013: World Shipping Council (WSC), Washington, D.C.
•
February 6, 2013: INTERTANKO, London, England.
•
February 7, 2013: INTERCARGO, London, England.
•
April 17, 2013: Japanese, Korean and Norwegian Ship-owners Association, Seoul, Korea.
•
April 23, 2013: World Shipping Council (WSC), Workshop in Panama (ACP)
•
May 2, 2013: Florida - Caribbean Cruise Association (FCCA), Miami, Florida
Completed:
•
September 5, 2013: Japanese, Korean and Norwegian Ship-owners
Association, Tokyo, Japan (Vehicle Carrier / RoRo´s)
•
September 17-18, 2013: Box Club, Santiago, Chile
•
September 30, 2013: International Group of Liquefied Natural Gas Importers
(GIIGNL), London, England
•
Octubre 7 de 2013: Union of Greek Shipowners en Atenas, Grecia.
•
October 8, 2013: INTERTANKO, Athens, Greece
•
October 8, 2013: INTERCARGO, Athens, Greece
Wrap-up Meeting:
•
November 15, 2013: International Chamber of Shipping (ICS), London, England
(Wrap-up high level meeting)
Fixed/Variable
Concepts:
Toll Ranges:
Not well received
by the industry
due to the
uncertainty of the
criteria to move
among the ranges.
Unable to define a
consensus variable
for this matter.
Industry
Feedback
Delegates in sectoral
meetings showed
interest and
commented in favor
because will allow
more flexibility when
transiting with
medium or low
utilization rates.
New Regulations:
New Pricing Units:
Well discussed due to
interest of the industry to
define strategies related to
vessel deployment.
Communication bridge
established.
CEU: Not preffered due to
variable unit sizes and
information shortfall.
DWT & M3: Well understood
and both considered /
accepted at first hand.
Wrap-up
Meeting ICS
November
2013
Tolls
Proposal
Published
January
2014
Final Tolls
Published
Restricted
Opening
April 2014
July 2015
Commercial
Opening
October
2015
Industry Visits – Next Steps Chronogram
The Future of Pricing: New Initiatives
Advantages, Conclusions and Next Steps
• Make the Canal more valuable to international commerce
and industry, while encouraging growth of trade through
the Canal.
• Improve competitiveness compared to alternatives by:
– Offering an attractive pricing structure in line with industry
standards
– Offering a new product to the industry – Larger vessels /
Economies of scale
– Improving reliability of the whole system
– Continuously providing value-added services
• Transshipment / Ports Connectivity
• Bunkering
• Just in Time Transit Scheduling
The Information on this presentation is property of the ACP. Unauthorized distribution is prohibited
• The scope of this presentation:
– Considers the Canal´s major segments and their new
structures.
– Other segments (Reefers, General Cargo and Others)
will remain with the current PCUMS structure.
– Does not include OMS; however, they are anticipated to
maintain the same proportion that you currently know.
• New Pricing Concepts:
– New Pricing Units (DWT & M3).
– Fixed (Capacity) / Variable (Actual) Concept (DryBulk &
Tankers).
The Information on this presentation is property of the ACP. Unauthorized distribution is prohibited
• New Pricing Segments:
– Container barge.
– Services that support the logistics cluster.
• Booking System:
– Just in Time (JIT).
– New ideas to improve the Reservation System
procedures – Date and Time Reservations.
The Information on this presentation is property of the ACP. Unauthorized distribution is prohibited
• The new pricing structure provides:
– Rates in line with economies of scale, based on differentiation by TEU
capacity.
– The ratio between capacity and full TEU tolls provides greater flexibility and
improved rates for backhaul voyages with lower utilization levels.
– Roundtrip effective rates improve with the new structure.
• The Canal´s review of its container toll structure
continues to develop as we pursue new ideas that would
encourage higher volumes:
– Decreasing tariffs based on cumulative volumes and / or time parameters.
Liner Services Connectivity of Panama
Vancouver
Seattle
Hamburg
Rotterdam
Antwerp
Dunkirk
Le Havre
La Spezia
Naples
MarinBilbao
Valencia
Gioia Tauro
Tilbury
Vancouver
Seattle
New York
Oakland
Pyongtaek Tokyo
Busan
Yokohama
Qingdao
Los Angeles
Ensenada
Shanghai
Ningbo
Hong Kong
Chiwan
Norfolk
Charleston
Savannah
Jacksonville
Houston
Tangier
Miami
Taipei
Kaohsiung
Manzanillo
Lázaro Cardenas
Dubai
P. Caucedo
Kingston San Juan PR
Port of Spain
Cartagena
P. Cabello
Manzanillo
Cristobal
Balboa
Buenaventura
Manta
Guayaquil
Callao
Lautoka
Ilo
Noumea
Iquique
Mejillones
Antofagasta
Sidney
Melbourne
Commercial Route
San Antonio
Auckland Tauranga
Napier
No. Of
Services
Annual
Capacity
Commercial Route
No. of Average Vessel
Vessels
Size
Feeder Services Atlantic
Feeder Services Pacific
24
9
2,019,094
2,287,197
74
66
Total
33
4,306,291
140
Source: ACP MEMN, Compair Data, July 2013
1,904
6,072
Asia - USEC
WCSA - Europe
Pendulum
WCUS - Europe
WCSA - ECUS
Asia - Caribbean
Asia - US Gulf
Australia - Europe
Australia - ECUS
WCSA - Caribbean
Total
No. Of
Annual
Services Capacity
12
2,771,659
7
1,210,362
2
492,385
2
402,699
2
404,682
1
239,023
1
210,188
1
65,022
1
178,642
1
83,742
30
6,058,405
No. of Average Vessel
Vessels
Size
115
4,746
54
3,550
28
4,721
21
3,810
13
3,9337
12
4,584
9
4,031
6
2,494
10
3,426
4
1,606
272
4,105
P a n aA
m
PtaN
la
ceC
n
iw
fa
tiic
nP
cao
PP
lrooR
trsrtatsisl r o a d
5,200,000
TEUs
2,000,000
TEUs
Corozal Port
Panama Canal Colon Port, Inc.
Total Port Capacity:
16,550,000 TEUs
3,600,000
TEUs
1,500,000
TEUs
Panama Ports Company - Balboa
Panama Ports Company – Cristobal
1,600,000
TEUs
Colon Container Terminal
2,200,000
TEUs
Manzanillo International Terminal (MIT)
450,000
TEUs
PSA
Proposed Toll Structure
Beam Range
Vessel Size (TEU Range)
Toll per TEU of
Capacity
Toll per
Full TEU
Current Locks <= 107´ (32.6 m)
<= 5,100
$ 60.00
$$ 30.00
30.00
< 6,000 *
$ 60.00
$ 40.00
>= 6,000 < 9,000
$ 50.00
$ 40.00
>= 9,000
$ 50.00
$ 35.00
New Locks > 107´ (32.6 m)
TEU toll for other vessels
$ 90.00
*Includes Post-Panamax and Panamax Plus vessels with a Capacity of less than 6,000 TEU
• The structure establishes a difference between the existing current locks and the new postpanamax locks.
• The ratio between capacity and full TEU tolls has shifted in order to provide a better balance.
• The toll differentiation by TEU capacity provides larger vessels with lower rates in order to
stimulate economies of scale.
Source: MEMN/ACP, November 2013
Vessel Size
(TEU)
Current Locks
New Locks
Current Tolls
Effective
Rate
Capacity Toll Full TEU Toll
Proposed Tolls
Total Toll
Effective
Rate
Capacity Toll Full TEU Toll
$ 78.80
$ 370,000
$ 24,000
$ 394,000
$ 78.00**
$ 300,000
$ 90,000
5,000
$ 84.00
$ 330,000
$ 132,000
5,500*
$ 74.00**
$ 400,000
$ 192,000
8,000
$ 71.00**
$ 600,000
$ 252,000
12,000
*Includes Post-Panamax and Panamax Plus vessels with a Capacity of less than 6,000 TEU.
**Average savings of 1% for vessels in the current locks, 6% for 6,000 – 9,000 TEU vessels and 10% for >9,000 TEU.
• This example uses an average utilization of 60% for all vessel sizes.
• Vessels transiting through the existing locks will benefit from an average lower effective
rate when compared to the current tolls.
• Larger post-panamax vessels benefit from a lower rate in order to incentivize economies of
scale and larger volumes.
Total Toll
$ 390,000
$ 462,000
$ 592,000
$ 852,000
Full Containership Services
Panama Canal Trade Route
Northeast Asia – East Coast of the United States
Vancouver
Seattle
Tilbury
Vancouver
Tacoma
Inchon
Masan
Qingdao
70 Days Roundtrip.
Yokohama
Weighted Avg.
Total Cost per TEU
Nagoya
Kobe
Shanghai
Ningbo
Taipei
Kaohsiung
Hong Kong
Chiwan
5,000 TEU $1,356
8,000 TEU $1,200
12,000 TEU $1,095
Manila
Hamburg
Bremerhaven
Rotterdam
Antwerp
Halifax
New York
Newark
Baltimore
Oakland
Port Hueneme
Charleston
Jacksonville
Long Beach
Brunswick
Galveston
Miami
Freeport
P. Caucedo
Kingston San Juan PR
Veracruz
Lázaro Cardenas
Pto. Quetzal
Singapore
Cartagena
Manzanillo P. Cabello
Balboa
Buenaventura
Muara
Guayaquil
Jakarta
Callao
Darwin
Vitoria
Brisbane
Santos
Noumea
Antofagasta
San Antonio
Fremantle
Zarate
Port Kembla
Melbourne
Paranagua
Rio Grande
Auckland Tauranga
Napier
84 Days Roundtrip.
Weighted Avg.
Total Cost per TEU
5,000 TEU $1,430
8,000 TEU $1,254
12,000 TEU $1,138
Roundtrip:
• Panama Canal: 22,000 nm
• Suez Canal:
26,600 nm
• Approx. 14 days less
• Savings of 4,600 nm
• 2 Vessels less required
Average Roundtrip utilization: 60% full TEU
•
Headhaul: 80% full TEU
•
Backhaul: 40% full TEU
• The new DWT based pricing structure is easy to relate to the cargo carried
and therefore enhances economic transparency.
• The declining scale by DWT bands is aimed to promote the usage of
larger vessels and contributes to improve transportation efficiencies
derived from economies of scale.
• Rates are differentiated by major drybulk commodity trades in order to
adjust to the level of competitiveness of these particular trades and to
attract new business.
• Rates for ballast transits are set at special levels in order to promote
repositioning of large vessels that could take advantage of the Panama
Canal in their return leg.
Proposed Toll Structure for Dry Bulk Vessels
Laden Transits By Commodity
Grains
Other Dry Bulk (ODB)
DWT Tiers
First
Next
Next
Next
Next
Next
Next
5,000
5,000
10,000
20,000
20,000
25,000
35,000
Rest
Current Locks
D<=12.04m
($/DWT MT)
$
$
$
$
$
$
$
$
4.30
3.40
2.70
2.50
2.20
1.80
1.35
0.90
New Locks
D >12.04m
Fixed
($/DWT MT)
$
$
$
$
$
$
$
$
6.75
5.85
4.95
3.15
2.25
0.90
0.45
0.45
Variable
($/ Cargo MT)
$
$
$
$
$
$
$
$
0.35
0.34
0.33
0.30
0.25
0.20
0.15
0.10
Current Locks
D<=12.04m
($/DWT MT)
$
$
$
$
$
$
$
$
Notes: * Fixed and Variable Potential Toll Structure only applies to the new locks.
* Ballast Potential Toll Structure applies to current and new locks.
4.30
3.40
2.70
2.50
2.20
1.80
1.35
0.90
New Locks
D >12.04m
Fixed
($/DWT MT)
$
$
$
$
$
$
$
$
6.75
5.85
4.95
3.15
2.25
0.90
0.45
0.45
Variable
($/ Cargo MT)
$
$
$
$
$
$
$
$
0.35
0.34
0.33
0.30
0.25
0.20
0.15
0.10
Proposed Toll Structure for Dry Bulk Vessels
Laden Transits By Commodity
Coal
Iron Ore
DWT Tiers
First
Next
Next
Next
Next
Next
Next
5,000
5,000
10,000
20,000
20,000
25,000
35,000
Rest
Current Locks
D<=12.04m
($/DWT MT)
$
$
$
$
$
$
$
$
3.61
2.88
2.58
2.27
2.16
2.06
1.55
0.82
New Locks
D >12.04m
Fixed
($/DWT MT)
$
$
$
$
$
$
$
$
5.15
4.12
3.61
3.09
2.06
0.82
0.26
0.10
Variable
($/ Cargo MT)
$
$
$
$
$
$
$
$
0.30
0.29
0.28
0.27
0.26
0.25
0.20
0.15
Current Locks
D<=12.04m
($/DWT MT)
$
$
$
$
$
$
$
$
3.50
2.60
2.20
2.10
2.00
1.90
1.00
0.50
Notes: * Fixed and Variable Potential Toll Structure only applies to the new locks.
* Ballast Potential Toll Structure applies to current and new locks.
Ballast
New Locks
D >12.04m
Fixed
($/DWT MT)
$
$
$
$
$
$
$
$
5.00
4.00
3.00
2.70
1.90
0.80
0.25
0.10
($/DWT MT)
Variable
($/ Cargo MT)
$
$
$
$
$
$
$
$
0.28
0.27
0.26
0.24
0.20
0.16
0.10
0.05
$
$
$
$
$
$
$
$
2.75
2.40
2.00
1.80
1.75
1.25
0.45
0.25
Proposed Toll Structure for Dry Bulk Vessels
Laden Transits By Commodity
Coal
Iron Ore
Grains
DWT Tiers
First
Next
Next
Next
Next
Next
Next
5,000
5,000
10,000
20,000
20,000
25,000
35,000
Rest
New Locks
Current
Locks
Fixed
D<=12.04m ($/DWT
($/DWT MT)
MT)
$
$
$
$
$
$
$
$
4.30
3.40
2.70
2.50
2.20
1.80
1.35
0.90
$
$
$
$
$
$
$
$
6.75
5.85
4.95
3.15
2.25
0.90
0.45
0.45
New Locks
ODB
New Locks
New Locks
Current
Locks
Variable
Fixed
($/ Cargo D<=12.04m ($/DWT
($/DWT MT)
MT)
MT)
Current
Locks
Variable
Fixed
($/ Cargo D<=12.04m ($/DWT
($/DWT MT)
MT)
MT)
Current
Locks
Variable
Fixed
($/ Cargo D<=12.04m ($/DWT
($/DWT MT)
MT)
MT)
Variable
($/ Cargo
MT)
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
0.35
0.34
0.33
0.30
0.25
0.20
0.15
0.10
$
$
$
$
$
$
$
$
3.61
2.88
2.58
2.27
2.16
2.06
1.55
0.82
$
$
$
$
$
$
$
$
5.15
4.12
3.61
3.09
2.06
0.82
0.26
0.10
0.30
0.29
0.28
0.27
0.26
0.25
0.20
0.15
$
$
$
$
$
$
$
$
3.50
2.60
2.20
2.10
2.00
1.90
1.00
0.50
$
$
$
$
$
$
$
$
5.00
4.00
3.00
2.70
1.90
0.80
0.25
0.10
Notes: * Fixed and Variable Potential Toll Structure only applies to the new locks.
* Ballast Potential Toll Structure applies to current and new locks.
0.28
0.27
0.26
0.24
0.20
0.16
0.10
0.05
$
$
$
$
$
$
$
$
4.30
3.40
2.70
2.50
2.20
1.80
1.35
0.90
$
$
$
$
$
$
$
$
6.75
5.85
4.95
3.15
2.25
0.90
0.45
0.45
0.35
0.34
0.33
0.30
0.25
0.20
0.15
0.10
Ballast
($/DWT
MT)
$
$
$
$
$
$
$
$
2.75
2.40
2.00
1.80
1.75
1.25
0.45
0.25
Commodities
Vessel Size (DWT)
PCUMS
Equivalent
Current Toll
Proposed Toll
Laden
Ballast
Laden
Ballast
Supramax - 55000 DWT
26,867
$132,530
$101,880
$148,500
$108,000
MiniCape - 95000 DWT
42,625
$208,326
$166,506
$270,325
$152,500
Grains
Panamax - 70000 DWT
Coal
$167,375
PanamaxPlus - 70000
DWT
32,984
$161,952
$123,213
HandyCape - 120000 DWT
52,859
$257,552
$205,907
$242,212
$163,750
Capesize - 170000 DWT
75,893
$368,346
$294,589
$252,162
$176,250
Supramax - 55000 DWT
26,867
$132,530
$101,880
$124,500
$108,000
Panamax - 70000 DWT
Iron Ore
$129,250
$210,740
$153,500
PanamaxPlus - 70000
DWT
32,984
$161,952
$123,213
$129,250
HandyCape - 120000 DWT
52,859
$257,552
$205,907
$216,200
$163,750
Capesize - 170000 DWT
75,893
$368,346
$294,589
$223,200
$176,250
$189,630
Notes: * Fixed and Variable Potential Toll Structure only applies to the new locks.
* Ballast Potential Toll Structure applies to current and new locks.
* Capesize vessels of 170,000 DWT are estimated to transit the Expanded Canal with aprox. 80% utilization max.
Dry Bulk Grain Trade Grain Belt - New Orleans
to Dalian, China
Vancouver
Seattle
Tórshavn
Oslo
London
Vancouver
Inchon
Masan
San Francisco
Yokohama
Los Angeles
Nagoya
Kobe
Shanghai
Ningbo
Hong Kong
Chiwan
Rotterdam
Antwerp
Boston
New York
Dalian
Qingdao
Norway
Denmark
Baltimore
Charleston
New
Orleans
Taipei
Kaohsiung
Manila
Santa Marta
Singapore
Muara
Jakarta
Darwin
Brisbane
Noumea
Fremantle
Port Kembla
Melbourne
30Days
55KDWT: $77/MT
95KDWT: $67/TM
Auckland Tauranga
Napier
46 Days
55KDWT: $86/MT
95KDWT: $73/TM
Panama Canal
Sea distance: 10,069 nm
Sources: ACP Route Choice Model
Savings of 5,284 nm
Approx. 16 days less
Cape of Good Hope
Sea distance: 15,353 nm
Dry Bulk Grain Trade Grain Belt - New
Orleans, USA to Dalian, China
Vancouver
Seattle
Tórshavn
Oslo
London
Vancouver
Inchon
Masan
San Francisco
Yokohama
30 Days
55K DWT: $103/MT
95K DWT: $98/MT
Los Angeles
Nagoya
Kobe
Shanghai
Ningbo
Hong Kong
Chiwan
Rotterdam
Antwerp
Boston
New York
Dalian
Qingdao
Norway
Denmark
Taipei
Kaohsiung
Manila
Baltimore
Charleston
New
Orleans
Santa Marta
Singapore
Muara
Jakarta
Darwin
Brisbane
Noumea
Fremantle
Port Kembla
Melbourne
45 Days
55K DWT: $77/MT
95K DWT: $67/MT
Auckland Tauranga
Napier
61 Days
55K DWT: $86/MT
95K DWT: $73/MT
Panama Canal
Sea distance: 10,069 nm
Sources: ACP Route Choice Model
Savings of 5,284 nm
Approx. 16 days less
Cape of Good Hope
Sea distance: 15,353 nm
Thermal Coal Trade – Santa Marta, Colombia
to Tocopilla, Chile
Vancouver
Seattle
Tórshavn
Oslo
London
Vancouver
Inchon
Masan
San Francisco
Yokohama
Los Angeles
Nagoya
Kobe
Shanghai
Ningbo
Hong Kong
Chiwan
Rotterdam
Antwerp
Boston
New York
Dalian
Qingdao
Norway
Denmark
Baltimore
Charleston
New
Orleans
Taipei
Kaohsiung
Manila
Santa Marta
Singapore
Muara
Jakarta
Darwin
Brisbane
Noumea
Tocopilla
Fremantle
Port Kembla
Melbourne
Auckland Tauranga
Napier
Panama Canal
Sea distance: 2,524 nm
Sources: ACP Route Choice Model
8 Days
70K DWT: $22/MT
Savings of 5,698 nm
Approx. 17 days less
25 Days
70K DWT: $27/MT
Cape Horn
Sea distance: 8,222 nm
Metallurgical Coal Trade – Roberts Bank,
Canada to Rotterdam, Netherlands
Vancouver
Seattle
Tórshavn
Oslo
London
Vancouver
Inchon
Masan
San Francisco
Yokohama
Los Angeles
Nagoya
Kobe
Shanghai
Ningbo
Hong Kong
Chiwan
Rotterdam
Antwerp
Boston
New York
Dalian
Qingdao
Norway
Denmark
Baltimore
Charleston
New
Orleans
Taipei
Kaohsiung
Manila
Santa Marta
Singapore
Muara
Jakarta
Darwin
Brisbane
Noumea
Antofagasta
Fremantle
Port Kembla
Melbourne
Panama Canal
Sea distance: 8,861 nm
Sources: ACP Route Choice Model
37 Days
170K DWT: $27/MT
80% util. rate
Auckland Tauranga
Napier
Savings of 5,689 nm
Approx. 24 days less
61 Days
170K DWT: $29/MT
90% util. rate
Cape Horn
Sea distance: 14,550 nm
Iron Ore Trade – Palua, Venezuela to Pusan,
South Korea
Vancouver
Seattle
Tórshavn
Oslo
London
Vancouver
Inchon
Pusan
San Francisco
Yokohama
Los Angeles
Nagoya
Kobe
Shanghai
Ningbo
Hong Kong
Chiwan
Rotterdam
Antwerp
Boston
New York
Dalian
Qingdao
Norway
Denmark
Baltimore
Charleston
New
Orleans
Taipei
Kaohsiung
Manila
Santa Marta
Singapore
Palúa
Muara
Jakarta
Darwin
Brisbane
Noumea
40 Days
120K DWT: $44/MT
Fremantle
Port Kembla
Melbourne
Auckland Tauranga
Napier
55 Days
120K DWT: $46/MT
Panama Canal
Sea distance: 9,586 nm
Sources: ACP Route Choice Model
Savings of 3,685 nm
Approx. 15 days less
Cape of Good Hope
Sea distance: 13,271 nm
Tankers
New Locks (D >12.04)
PCUMS Bands
First 10,000 (Handysize)
Next 10,000 (Handymax)
Next 10,000 (Panamax)
Next 10,000 (Panamax Plus)
Rest
Current Locks
(D<=12.04 m)
$/PCUMS
$
$
$
$
$
5.00
4.90
4.85
4.75
4.55
Laden Fixed
(D>12.04 m)
$/PCUMS
$
$
$
$
$
5.17
5.00
5.10
4.00
3.25
Laden
Cargo Bands
Variable
in mt
(D>12.04 m)
$/mt (cargo)
$
0.30
First 20,000
0.20
Next 20,000 $
0.35
Next 20,000 $
0.18
Next 20,000 $
$
0.10
Rest
Ballast
$
$
$
$
$
4.14
3.99
3.80
3.60
3.45
Current Tolls
Proposed Tolls
New Locks (D >12.04 m)
Vessel Classification (DWT)
Products - Small - 10000 DWT
PCUMS
Laden
Ballast
Current Locks
(D<=12.04 m)
$/PCUMS
Ballast Toll
Laden Fixed Laden Variable
(D>12.04 m)
(D>12.04 m)
$/PCUMS
$/mt (cargo)
Laden Toll
4,138
$ 20,358.96
$ 16,303.72
$
20,690.00
$ 21,393.46
$
1,800.00
$ 23,193.46
$ 17,131.32
Products - MR - 40000 DWT
18,490
$ 90,291.60
$ 72,256.30
$
91,601.00
$ 94,065.10
$
6,800.00
$ 100,865.10
$ 75,275.10
Products - LR1/Panamax - 70000 DWT
33,346
$ 160,993.50
$ 128,814.80
$ 163,728.10
$ 168,330.00
$
12,081.38
$ 180,411.38
$ 132,014.80
Panamax Plus - 75000 DWT
37,681
$ 181,584.75
$ 145,287.80
$ 184,484.75
$ 187,324.00
$
12,081.38
$ 199,405.38
$ 148,487.80
Crude - Aframax - 100000 DWT
46,136
$ 221,747.52
$ 177,418.01
$ 247,170.25
$ 220,293.04
$
17,000.00
$ 237,293.04
$ 178,220.30
Crude - Suezmax - 140000 DWT
70,930
$ 339,517.81
$ 271,634.25
$ 359,981.80
$ 300,872.71
$
21,000.00
$ 321,872.71
$ 263,758.73
•
Products and Panamax vessel tolls were calculated using 90% utilization.
•
Aframax and Suezmax tolls were calculated using 75% utilization.
•
Larger post-panamax vessels benefit from a lower rate in order to incentivize economies of scale
and larger volumes.
Panama Canal:
9,664 nm
Savings of 5,794 nm
Approx. 15 days less
Cape of Good Hope:
15,458 nm
Panama Canal:
4,129 nm
Savings of 5,062 nm
Approx. 14 days less
Cape Horn:
9,191 nm
Panama Canal:
2,014 nm
Savings of 9,226 nm
Approx. 26 days less
Cape Horn:
11,240 nm
Proposed Chemical Tanker Toll Structure
PCUMS Bands
Laden
Ballast
First 10,000
$
5.31
$
4.52
Next 10,000
$
5.23
$
4.44
Rest
$
5.13
$
4.36
Vessel Classification
(DWT)
Current Tolls
Proposed Tolls
PCUMS
Laden
Ballast
Laden
Ballast
Chemical 5,000 DWT
2,731
$ 13,816.33
$ 11,058.53
$ 14,507.15
$ 12,331.07
Chemical 10,000 DWT
5,618
$ 28,427.08
$ 22,752.90
$ 29,848.43
$ 25,371.17
Chemical 24,000 DWT
12,357
$ 62,335.73
$ 49,879.15
$ 65,452.51
$ 55,634.64
Chemical 40,000 DWT
20,785
$ 104,240.12
$ 83,370.52
$ 109,452.12
$ 93,034.30
Suez Canal:
13,880 nm
36 Days
Shipping Cost
Chem. 45k
DWT: $84.3/MT
26 Days
Shipping Cost
Chem. 45k DWT:
$71.2/MT
40 Days
Shipping Cost
Chem. 45k DWT:
$86.2/MT
Panama Canal:
10,120 nm
Savings of 3,760 nm
Approx. 14 days less
Cape of Good
Hope: 15,119 nm
Proposed LPG Toll Structure
Bands in m3
Laden
Ballast
First 5,000
$
5.50
$
4.40
Next 20,000
$
2.35
$
1.88
Next 30,000
$
2.30
$
1.84
Rest
$
1.80
$
1.44
Vessel Classification (m3)
Small - 15,000 m3
Medium - 30,000 m3
Large - 55,000 m3
Very Large Gas Carrier (VLGC) - 82,000 m3
PCUMS
9,664
19,200
29,373
38,838
$
$
$
$
Current Tolls
Laden
Ballast
48,223.36 $ 39,332.48
95,072.00 $ 77,500.00
144,177.86 $ 117,535.89
189,799.16 $ 154,733.34
$
$
$
$
Proposed Tolls
Laden
Ballast
51,000.00 $ 40,800.00
97,973.80 $ 78,379.04
148,212.40 $ 118,569.92
192,100.00 $ 153,680.00
25 Days
Shipping Cost
LGC $148/MT
VLGC $90/MT
40 Days
Shipping Cost
LGC $228/MT
VLGC $140/MT
Panama Canal:
9,733 nm
Savings of 5,660 nm
Approx. 15 days less
Cape of Good
Hope: 15,393 nm
Proposed LNG Toll Structure
Bands in m3
Laden
Ballast
Ballast
(Roundtrip)
First 60,000
$
2.50
$
2.23
$
2.00
Next 30,000
$
2.15
$
1.88
$
1.75
Next 30,000
$
2.07
$
1.80
$
1.60
Rest
$
1.96
$
1.71
$
1.50
Vessel Classification m3
m3
Proposed Tolls
Laden
Ballast
LNG 140,000 - 150,000 m3 (Moss)
145,000
$ 325,600.00
$ 258,000.00
LNG 140,000 - 150,000 m3 (Membrane)
150,000
$ 335,400.00
$ 265,500.00
LNG 173,000 m3 (Membrane)
173,000
$ 380,480.00
$ 300,000.00
32 Days
Shipping Cost
LNG 155,000 m3:
$47.56/m3
22 Days
Shipping Cost
LNG 155,000 m3:
$33.7/m3
Panama Canal: 9,623 nm
Savings of 4,494 nm
Approx. 10 days less
Suez Canal: 14,117 nm
Impact of Potential Canal
Toll on Landed Price on
the route U.S. Gulf to
Japan: $0.19/MMBTU,
1.2%, 6.4% of
transportation cost.
Regular Toll - Voyage Cost in MMBTU
Route
U.S. Gulf of Mexico to Japan
(Laden)
U.S. Gulf of Mexico to Japan
(Ballast)
U.S. Gulf of Mexico to Japan
(Total)
Fuel
Charter
Ports
Rate
Canal
Total
Transport
Cost
$
0.83
$
0.53
$
0.04
$
0.10
$
1.50
$
0.81
$
0.53
$
0.04
$
0.09
$
1.47
$
1.65
$
1.06
$
0.07
$
0.193
$
2.97
• Pricing structure based on PC/UMS is a very common and wellestablished standard for Canal users.
• “Tier Concept by Bands” has been updated to be more representative of
the current vessel sizes of PCTC and LCTC and to provide economies of
scale.
• Taken into consideration Post-Panamax Vessel Design Efficiencies.
• Rates to be attractive for current and emerging maritime trade routes.
• Redefinition of ballast transit to incentivize trade lanes with low utilization
ratios.
Proposed Structure
PC/UMS Ranges
Start
0
25,001
65,001
Finish
25,000
65,000
over
Laden
(Tolls per PC/UMS ton)
By Referential Beam
Ballast*
(Tolls per PC/UMS ton)
Current Locks
B < 107’ (32.6m)
New Locks
B >= 107‘ (32.6m)
Special
Tariff**
Regular
Tariff
5.20
4.51
4.48
5.60
4.85
4.80
2.95
2.80
2.75
3.52
3.43
3.35
*Ballast Transit: ACP has proposed to
redefine the concept of a ballast transit to
include transits with low levels of utilization
(<10% utilization).
** Conditions to qualify for the Special Tariff
for Ballast Backhaul:
• Roundtrip: Same vessel transiting on an
opposite direction (North or South) in ballast,
and transiting within 60 calendar days.
or
• Volume: Any shipping line exceeding 1.5
million PC/UMS tons in ballast transits
(approx. 30 transits) during an ACP Fiscal
Year will benefit from the special tariff for
further ballast transits.
Vessel Size
Current Tolls
Proposed Tolls
(PC/UMS)
Laden
Ballast
Laden
Special
Ballast
Panamax 47,000 PC/UMS
Panamax 61,300 PC/UMS
Post-Panamax 75,000 PC/UMS
$ 201,580
$ 262,212
$ 161,500
$ 210,120
$ 211,970
$ 276,463
$ 360,000
$ 131,600
$ 171,640
$206,250
• Vessels transiting through the existing locks will benefit from a competitive tariff that takes into
consideration the average parcel size in the automotive industry.
• Larger Post-Panamax vessels benefit from a competitive tariff in order to incentivize economies of scale,
improved fuel consumption through higher vessel stability and wider beam design, and greater volumes.
• All vessels will have an opportunity to benefit from a special ballast tariff by fulfilling the roundtrip or
volume condition.
Vehicle Carrier Services
Panama Canal Trade Route
Vancouver
Seattle
Tilbury
Vancouver
Tacoma
Inchon
Masan
Qingdao
Shanghai
Ningbo
Hong Kong
Chiwan
32 Days
Shipping Cost
Yokohama
Nagoya
Kobe
6,500CEU $454/CEU
8,000CEU $440/CEU
Taipei
Kaohsiung
Halifax
New York
Newark
Baltimore
Oakland
Port Hueneme
Charleston
Jacksonville
Long Beach
Brunswick
Galveston
Miami
Freeport
Veracruz
Lázaro Cardenas
Pto. Quetzal
Manila
Hamburg
Bremerhaven
Rotterdam
Antwerp
Singapore
P. Caucedo
Kingston San Juan PR
Cartagena
Manzanillo P. Cabello
Balboa
Buenaventura
Muara
Guayaquil
Jakarta
Callao
Darwin
Vitoria
Brisbane
Santos
Noumea
Antofagasta
San Antonio
Fremantle
Zarate
Port Kembla
Melbourne
Paranagua
Rio Grande
Auckland Tauranga
Napier
40 Days
Shipping Cost
Northeast Asia – East Coast of the United States
Panama Canal:
10,859 nm
Approx. 8 days less
Suez Canal:
14,490 nm
Savings of 3,631 nm
6,500CEU $532/CEU
8,000CEU $512/CEU
• Pricing structure based on Berth is in sync with the industry standard unit
(Berth), offering operators flexibility to directly transfer costs to their
customers.
• Differentiated tariff for Post-Panamax Cruise ships that takes into
consideration economies of scale and incentivizes partial transits of the
Gatun Locks.
• Competitive tariff to promote Panama Canal as a cruise destination.
Canal Expansion Observation Center
Miraflores Locks Visitors Center
Bio Museum Frank
Gehry
Proposed Structure
Tolls per Berth*
With
Passengers
Without
Passengers
Current Locks
B < 107’ (32.6m)
New Locks
B >= 107‘ (32.6m)
144.00
116.00
Tolls per PC/UMS ton
Current Locks
B < 107’ (32.6m)
New Locks
B >= 107‘ (32.6m)
First
10k
Second
10k
Rest
First
10k
Second
10k
Rest
154.00
4.75
4.65
4.58
5.08
4.98
4.90
124.00
3.81
3.72
3.67
4.07
3.98
3.92
*Vessels above 30,000 gross tons (GRT) and whose PC/UMS
tonnage divided by maximum passenger capacity (PAX-ITC)
ratio is less than or equal to 33, shall pay tolls on a per berth
basis. If such ratio is greater than 33, tolls shall be paid on the
basis of PC/UMS tonnage. Vessels below or equal to 30,000
GRT shall also pay on the basis of PC/UMS tonnage.
Vessel Size
Current Tolls
Proposed Tolls
(PC/UMS and Berths)
With Passengers
With Passengers
Small 3,000 PC/UMS (100 Berths)
Panamax 75,000 PC/UMS (2,400 Berths)
Post-Panamax 110,000 PC/UMS (4,000 Berths)
$ 13,260
$ 321,600
$ 14,250
$ 345,600
$ 616,000
• Vessels transiting through the existing locks will benefit from a competitive tariff that takes into
consideration the attractiveness of visiting the revamped wonder of the world: The Panama Canal.
• Initially, larger Post-Panamax vessels will have the opportunity to offer convenient 11-day roundtrip
itineraries that includes a partial transit of the Gatun Locks.
Passengership Vessel Itineraries
Panama Canal Destination
Vancouver
Seattle
Tórshavn
Oslo
London
Vancouver
Astoria
Inchon
Masan
Qingdao
Yokohama
Boston
New York
Newark
Baltimore
Charleston
Los Angeles
Jacksonville
San Diego
Brunswick
Galveston
Ft. Lauderdale
Cabo San Lucas
Puerto Vallarta
Cayman
Veracruz
Islands
Pto. Chiapas
Jamaica
Nagoya
Kobe
Shanghai
Ningbo
Hong Kong
Chiwan
San Francisco
Taipei
Kaohsiung
Manila
Puntarenas
15 Days
$122 per
passenger
Singapore
Muara
Jakarta
Antigua
Cartagena Aruba
Manzanillo
Fuerte Amador
Darwin
Brisbane
Noumea
Fremantle
Port Kembla
Melbourne
Auckland Tauranga
Napier
Los Angeles, CA - Fort Lauderdale, FL
Sources: ACP MEME & Operators’ websites
Destinations:
West Coast Central America /
Southern Caribbean Cruise
Panama Canal:
4,825 nm
Norway
Denmark
Rotterdam
Antwerp
Industry Visits – Next Steps Chronogram
The Future of Pricing: New Initiatives
Advantages, Conclusions and Next Steps
Attractive price offerings.
Pricing structures built in line with the economies of scale.
Improvement in effective rates for containers.
On track with a 1 year in advance notice for the new structures
• Rates to attract new
trades such as iron
ore and coal.
• The use of industry
standard unit (DWT)
Liquid Bulk
Industry specific units of measurements:
Dry Bulk
•
•
•
•
•
• Rates to attract new
potential trades
such as LNG.
• The use of industry
standard unit (M3).
Fulfill with the industry´s request of 1
year notice for the new pricing
structures.
Communications will continue
seeking feedback from the industry in
respect to their anticipated needs.
Additional value related to economies
of scale and increased capacity while
maintaining the traditional value.
Volume growth and management as
critical drivers of Canal strategy for
the Expanded Canal operation.
Pricing structures that more closely
align with the business models of the
industry, facilitating the strategies of
volume growth.
Combining capacity and connectivity
creates a greater synergy in the
logistics cluster laying the groundwork
for the premier transshipment hub in
the Americas.
14-Oct-2013 to 30-Nov2013
Final adjustments to the proposal and presentation to
the Board of Directors
1-Dic-2013 to 30-Jan-2014
Preparation of the final proposal
31-Jan-2014
Publication of the final proposal on Canal register
1-Feb-2014 to 1-Mar-2014
Consultation Period
10-Mar-2014
Public Hearing
17-Mar-2014 to 24-Mar2014
Board of Directors Decision
31-Mar-2014 to 7-Apr2014
Cabinet Council Approval
14-Apr-2014
Publication in the Official Gazette
1-May-2014 – 30-Sep-2014
Preparation of Technical and Administrative Internal
Requirements to Implement the New Structures
1-Oct-2014
Implementation of New Structures to Gather
Operational Information / Data
Jul/Oct-2015
Implementation of Tolls
PCUMS Tonnage Projections Comparisons
550.0
516,441,194
500.0
75 Million
Additional PCUMS
Tonnage vs. Master
Plan
PCUMS Tonnage (Millions)
450.0
447.2
440,981,251
431.8
400.0
Master Plan
378,322,588
PB 2008
350.0
Most Probable Scenario
Most Probable w/o LNG
Actual / Real
300.0
250.0
200.0
Actual / Real data up to FY 2013
369.2
320,042,473
319,797,685
PCUMS Tonnage Projection by Market Segment
250.0
Containers Master Plan
Containers
200.0
Dry Bulk Master Plan
PCUMS Tonnage (Millions)
Dry Bulk
Liquid Bulk Master Plan
231,159,912
= - 58.4
= 35.3
172,817,411
= 123.2
150,196,553
Liquid Bulk
150.0
135,231,937
117,629,324
110,620,708
97,192,604
100.0
75260307
72,707,775
50.0
53,012,745
67,053,623
27,046,369
0.0
Actual / Real data up to FY 2013
PCUMS Tonnage Projections by Market Segment - Most Prob. Scenario
200.0
172,817,411
180.0
Liquid Bulk
PCUMS Tonnage (Millions)
160.0
150,196,553
135,231,937
140.0
Containers
117,629,324
120.0
110,620,708
97,192,604
100.0
Dry Bulk
Car Carriers / RO-ROs
Product Tankers
Chemical Carriers
84,601,534
Gas Carriers
72,707,775
80.0
67,053,623
60.0
LNG
Reefers
53,012,745
Passenger Vessels
General Cargo
40.0
Others
Liquid Bulk
20.0
Actual / Real data up to FY 2013
FY2020
FY2019
FY2018
FY2017
FY2016
FY2015
FY2014
FY2013
FY2012
FY2011
FY2010
FY2009
FY2008
FY2007
FY2006
FY2005
FY2004
FY2003
FY2002
FY2001
FY2000
0.0