Panama Canal

The Panama Canal is a canal 82 km (51 mi) long that cuts through the isthmus of Panama, connecting the Atlantic and Pacific Oceans in Central America. The canal has a huge impact on shipping, as it removes the need for ships to travel the long and dangerous route via the Drake Passage and Cape Horn (at the southernmost tip of South America). The canal saves a total of about 18,000 miles on a trip from New York to San Francisco by sea.

Toll

The toll for the canal is determined by vessel type, size, and the type of cargo carried {{ref|acptoll}}.

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For container vessels, the toll is assessed per "TEU", which is the size of a container measuring 20 ft by 8 ft by 8.5 ft (6 m by 2.4 m by 2.6m). As of May 1, 2005, this toll is $42 per TEU. This is scheduled to rise to $49 on May 1, 2006, and again to $54 on May 1, 2007. (A Panamax container ship may carry over 4,000 TEU.)

Related Topics:
May 1 - 2005 - 2006 - 2007 - Panamax - Container ship

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Most other types of vessel pay a toll per "PC/UMS Net ton", in which one "ton" is actually a volume of 100 cubic feet (2.8 m³). As of July 1, 2003, this toll is $2.96 per ton for the first 10,000 tons, $2.90 per ton for the next 10,000 tons, and $2.85 per ton thereafter.

Related Topics:
July 1 - 2003

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Small vessels are assessed tolls based on their length. Effective June 1, 1998, these were:

Related Topics:
June 1 - 1998

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The most expensive toll for canal passage to date was charged on September 25, 2003 to the luxurious passenger vessel Coral Princess, which paid $226,194.25 for passage. The least expensive toll was 36 cents and is not credited to a ship, but to athlete Richard Halliburton who swam the canal in 1928 {{ref|acpfaq}}. The average toll is around $54,000.

Related Topics:
September 25 - 2003 - Cent - Richard Halliburton - 1928

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