Panama Canal Authority to extend temporary relief measures
The Panama Canal Authority has agreed to extend its immediate relief measures to 31 December 2020, providing more assistance for the recovery of the industry.
The extension comes after a "continuous dialog" between the Canal and industry leaders on how best to provide relief as the world looks to recover from the economic and social impact of COVID-19.
Implemented on 4 May and originally expected to continue until 1 September, the relief measures include the suspension of advance payments for transit reservation fees and other improvements to the scheme of transit reservation. Together, they allow customers to retain higher liquidity, as well as additional flexibility to swap or replace booking slots within their own fleets.
In a statement, Ricaurte Vásquez Morales, Panama Canal Administrator, said: “Despite the challenges faced earlier this year, I am confident we will see a steady recovery going into our 2021 Fiscal Year for both the Canal and its customers.”
The extension of the relief measures is part of the effort made by the Panama Canal to make improvements in order to ensure a permanent, long-term solution to water levels, which would further improve the operational stability of the waterway in the years to come.
Maritime Business World