Panama Canal Passage fee increase alarms shipping companies

While the Panama Canal Passage fee increase is scheduled for this coming October, it may cause Korean shipping companies an additional 6 million dollars yearly. Interested parties, including those from Korea, have stated their wishes that it be delayed until the shipping economy recovers.
Shipping companies pointed out that it is not a good time to increase the Panama Canal passage fee and introduce a locomotive usage fee while global economies and maritime market conditions are suffering. They also proposed that the passage fee increase gradually enough to so as not to shock shippers and to settle on a single-digit increase.
The Panama Administration Office announced a 13% increase for Panama Canal Passage in early June and held an open hearing in Balboa, Panama on July 19. The Panama government explained that the increase was inevitable in order to expand the Canal and to modernize instruments to secure swift and safe canal passage.
If the increase were applied from the second half of this year, shipping companies would actually pay a 15% passage fee increase. Ten Korean shipping lines, Hanjin Shipping, Hyundai Merchant Marine, Pan Ocean Shipping, SK Shipping, Keoyang Shipping, Korea Lines, Samsun, Seven Mountain shipping, Daebo shipping and Chogang shipping have been using the Panama Canal. Based on Korea Ship-owner's Association statistics, Korean shipping companies paid around 40 million dollars in 2001 and are now being expected to pay an additional 6 million dollars annually.
On top of this, the KSA asked to repeal the security charge introduced recently because it was already included in the whole passage fee increase.