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Calculating Tolls

A new toll structure was implemented in two phases during a nine-month period, as follows:

* Minimum tolls will remain the same.

On May 1, 2005, continuing with the segmentation changes started in 2002, a revised measurement and pricing system entered into force, applicable to full container vessel and other vessels types with on-deck container carrying capacity. In this manner, the ACP concluded a lengthy consultation process with shipping associations, shipping lines, foreign governments and Panamanian citizens.

After considering the observations and comments from the parties to the process, the ACP adopted the TEU as the new measurement unit for full container vessels, thereby replacing the Panama Canal Universal Measurement System (PC/UMS).

The phased-in implementation over three years, beginning May 2005, is as follows:

The modified toll structure for full container vessels in ballast (not carrying containers or any other cargo above or below deck) is as follows:

For other vessel types with on-deck container carrying capacity, the ACP will continue to apply the PC/UMS tonnage to measure the enclosed spaces and spaces below deck, and will charge a per TEU fee to the actual number of containers carried on-deck, in accordance with the first table.

The implementation of the new system brings the ACP into conformity with container industry international standards by adopting the TEU as the measurement unit for full container vessels and charging for the total container capacity of the vessels adjusted for ACP visibility restrictions.

Prior to the implementation of the new system the ACP charged full container vessels for a small portion (8.78%) of the cargo transported on-deck and applied the PC/UMS net ton to enclosed spaces and below deck.

The segmentation system by vessel type and size enhances the possibility for the Panama Canal Authority to offer new products to the various market segments, enabling a competitive improvement of services to users. Likewise, it will allow the Canal to continue its modernization program in order to remain as a route of the first order for world trade, and a strategic resource for the social and economic development of Panama.

LOCOMOTIVES CHARGE

There is a locomotive rate base on the number of cables required by every slip. For each cable utilized the rate amounts to US$200.00. For example: If the ship requires the use of four locomotives and four cables, it will pay US$800.00. If the ship requires four locomotives and six cables it will pay US$1,200.00

The Panama Canal replaced their 100 locomotive fleet in its entirety, purchasing them from a Japanese company. Each locomotive cost US$2.1 million; therefore the total investment was US$210 million.