Korea Shipping Association Requests Reconsideration of Panama Canal Toll Increase

[Asia Economy Reporter Dongwoo Lee] The Korea Shipping Association announced on the 30th that it has requested the relevant authorities to reconsider the toll increase of the Panama Canal.

The association sent an official letter to the Panama Canal Authority and the Embassy of Panama in Korea, asking them to reconsider the additional toll increase decision this year following two toll hikes last year.

The association emphasized that consecutive toll increases without prior consultation or gathering opinions are very unreasonable, even without considering the reality of the global shipping industry struggling due to the impact of COVID-19.

Kim Young-moo, the full-time vice chairman of the Korea Shipping Association, said, “Despite two toll increases last year, including the introduction of surcharges, the unilateral toll increase without collecting users’ opinions again has procedural issues,” and added, “This toll increase must be reconsidered in light of the shipping industry’s situation.”

Following the letter, the Shipping Association plans to visit the Ministry of Oceans and Fisheries and the Embassy of Panama in Korea to strongly present the industry’s position.

Meanwhile, the Panama Canal Authority announced on February 17th the toll increase plan for the Panama Canal reservation system and declared it would be implemented from April 15th.

This content was produced with the assistance of AI translation services.