Panama Canal Updating Tolls Structure

The Panama Canal Authority (ACP) has moved toward implementing modifications to its current tolls structure. The Board of Directors approved the changes on May 25, 2017.

“The proposed modifications safeguard the competitiveness of the waterway, the value of the route, and facilitates the Canal’s goal of providing an efficient and reliable service to the global shipping community,” Jorge L. Quijano, Panama Canal Administrator, said.

The Cabinet Council of the Republic of Panama is expected to officially approve the modifications following an analysis of the proposal. The changes should take effect in October 2017.

The Canal executives determined it was necessary to provide additional incentives to the containership segment, the largest user of the Expanded Canal. The tolls charged to LPG and LNG vessels are also to be modified.

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Large Gains for StealthGas 

StealthGas, a shipper specializing in liquefied petroleum gas, reported revenue of USD 38.1 million in Q1 2017. 

Their net income rose from USD 0.6 million in Q1 2016 to USD 2 million in Q1 2017. Improved fleet utilization and a small increase in market rates contributed to the bottom line.

“It must be taken into consideration though, that as is customary, the first quarter is driven mostly by seasonal demand with weaker quarters anticipated to follow. Nevertheless, we believe that the low orderbook of our segment and a further stabilization in oil prices have the potential to reinforce improvements in our market fundamentals,” Michael Jolliffe, Chairman of the Board, said.

Eco Frost, a 22,000 cmb semi-pressurized/fully-refrigerated LPG vessel has been integrated into the company's fleet as soon as it was received from South Korean Hyundai Mipo shipyard last week. Three further LPG carriers are scheduled for delivery through 2018, which would expand the StealthGas fleet to 53 LPG carriers. 

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