PANAMA CANAL TRANSITS
Financial Arrangements for Toll & Other Expences
Financial Arrangements
All services, including the transiting of vessels, are performed by the Panama Canal Authority and Port Operators, strictly on a “cash in advance” basis. For this reason, sufficient funds must be received by our agency when representing owners and/or operators, prior to the arrival of the vessel at either Balboa or Cristobal Panama Canal ports, whether the vessel is transiting the Panama Canal, either north or southbound, or is la local call at any of the local port terminals, or both.
The transit agent must receive sufficient funds in advance in order to make the required financial arrangements with the Canal Authority; otherwise, vessels will not transit.
Any extraordinary cost, outside of the basic cost (including the ancillary charges) will be invoiced through the same bank guarantee placed by the agent before the Canal transit.
The complete Panama Canal Authority tariff is available at pancanal.com/eng/op/tariff
Disbursements
The advance funds must include Panama Canal transit and all related charges in full as well as sufficient funds to cover agency fees and charges, cash advances to Masters when required, stores, anticipated repairs, among other required services.
It is important to note that bank charges for Panama Canal Authority fund guarantees (the ACP as per its acronym in Spanish), include a mandatory bank charge commission fee of 0.25% of the final guaranteed amount billed by the Panama Canal Authority plus a 7% tax.
Thus, as soon as practical after receiving appointment for the port call, our office prepares an estimate of expected costs to forward to your company for funds remittance arrangements.
The final Disbursement Account, for costs incurred during the Canal transit or local call and all related activities, is usually available six weeks following vessels' departure.
