Plans laid out by the Panama Canal Authority (ACP) to increase toll charges for the Panama Canal have been blasted by the International Chamber of Shipping and Commerce (ICS).
The ACP is planning to hike charges by up to 15 per cent, and is now considering comments and written submissions left on the subject during a recent 30-day consultation period, Port Strategy reported.
However, ICS has slammed the move, calling it 'rushed, excessive and likely to cause further problems', culminating in the group sending a letter to ACP outlining its concerns.
ICS has pointed out that the industry was expecting just one small increase in the toll charges ahead of completion of the Panama Canal expansion project, which is expected to conclude in 2014.
