Tolls for Use of Canal; Rules for Measurement of Vessels

Résumé

This rule announces a two-phase toll-rate increase--8.2 percent on January 1, 1997 followed by a 7.5 percent increase on January 1, 1998. Record traffic demand on the Canal's transit capacity has necessitated an expanded and accelerated capital program. Absent a toll increase, the Commission anticipates capital program expenditures will contribute to a significant deficit in FY's 1996-1998. The toll increase is legally mandated to produce revenues sufficient to cover all costs of maintenance and operation of the Panama Canal, including capital for plant replacement, expansion and improvements. This action increases toll rates for: merchant vessels, yachts, army and navy transports, colliers, hospital ships, and supply ships, when carrying passengers or cargo, from $2.21 to $2.39 per PC/UMS Net Ton in January 1997, and to $2.57 in January 1998; vessels in ballast without passengers or cargo, from $1.76 to $1.90 per PC/UMS Net Ton in January 1997, and to $2.04 in January 1998; and other floating craft including warships, other than transports, colliers, hospital ships, and supply ships, from $1.23 to $1.33 per ton of displacement in January 1997, and to $1.43 in January 1998. In addi