Panama Canal Fees Rise

In accordance with paragraph 3 of Article 18 of the Panama Canal Organic Law, upon recommendation by the ACP Board of Directors, the Cabinet Council of the Republic of Panama approved the following changes in tariffs for selected Transit Related Services:

• An increase of 5.9% to the Regular Transit Related Tug Services rates,

• an average general increase of 6% in the rates for Linehandling Services, and

• other miscellaneous changes to the Tug and Linehandlers rates.

These new tariffs will be effective March 1, 2004 and will be available at the following site by no later than January 23, 2004: http://www.pancanal.com/eng/maritime/tariff/index.html.