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PROPOSAL TO MODIFY THE TOLLS AND 'l'HE RULES OFADMEASUREMENT OF THE PANAMA CANAL AUTHORIrvFURTHER COMMENTS OF THE JAPANESE SHIPOWNERS' ASSOCIATIONThe Japanese Shipowners' Association (JSA) hereby submits its fu rther comments withrespect to the Panama Canal Authority's (ACP's) announcement of its toll proposals on5 April 2007.WhiletheJSAhasacknowledgedtheACP'sdecisiontodefertheinitialimplementationdateforsomesectorsfrom1Mayto1July,weareratherdisappointedthatthescopeofdecisionislimitedonlytothetwomonthspostponementofthedate.Inordertoalleviatethe burden on shipping lines that have entered into long-term charter contracts, wewould have hoped that the ACP wouid have postponed the date forsubsequent years.Furthermore, most of the factors of the ACP's initial proposals have rernajnedunchanged and our concerns regarding the timing and amount of the proposedincreases, as already reflected in initial industry comments, appear to have not beenproperly considered.The JSA would Iike to reiterate its strong objection to the ACP's proposed tolls. Theproposals are based on the concept of front-loading increases, and these would causean inequitable distribution of costs between current and future users. The averagejncrease in the proposed tolls would be 1O% per annum for most of the sectors, whichclearly exceeds the increase of 3.5% p.a. envisaged jn the discussions prior to theformal consultation process. We believe thatsuch increases would place severepressures on the management of the global shipping industry and consequently couldhave an adverse effect on the world economy. The JSA strongly recommends that theincreases be spread over a longer timeframe.TheJSAthereforerespectfullyrequestsareconsiderationofthecurrentproposals,withcareful examination of the shipping industry's inputs, including the JSA's, in order toreview the timing and amount of these increases and also to achieve greatertransparency of a pragmatic and sustainable future funding mechanism to enable ourmembershipping lines to formulate their Iong term business plans more clearly. Weattach our original comments for ease of reference.Finally,theJSAappreciatestheopencommunicationthattheACPhasundertaken-withthe shipping industry with regard to its proposals and we look forward to discussingthese issues further.April 2007FurtherCommentsofJSA.docPROPOSAI, ro MODIFeY THE TOLI.S A\)ID THE RVLES OFADMEXASUREMENT OP THE PArlAlht[A CANAL AUTHORITY COMMENTS OF THE JAPA\)IESE SHIroWNERS' ASSOCUITIONlntroduction[flieJapaneseShipowners'AssociationVSA\)herebysubmitsitscommentswithrespect to the Pariama Canal Authority's \(ACP} proposal to modify the Canal'sregulations and pricing, which was approved by the ACP Board of Directors onJanuary 25, 2007.JSA is a nation- wide shipowners' association consisting of 107 Japaneseshipping companies. the purpose of the JSA is to promote fair bu'sinessactivities in the shipping industry and to contribute to the healthy developmentofJapanese shipping.JSA's members are engaged in the transportaiion of cargo between Japarz andother eountries throughout the world, oftentirnes via the Pahama Canal. ln20e5, 1,O11 vessels ofJSA rnember companies transited the Pariarna Canal,representing 137 mi11ion dollars transit tolls. Accordingly, the members ofJSAhave a substantial interest in the ACP's recent proposal to moditY the Canal'sregulations and pricing.Backgroimd'IIhe ACP proposes several new mo[lifications to the Canal's pridng system,in!udng a new adjustment method for displacernent tonnage, administrativemodifieations of the admeasurement rules, and a new charging mechanism forpassenger ships. Mest importantiy, however, the ACP proposes a three-phasetoll increase per mark\)et segrnent, which would become effective as early as May1, 2007 for some mmket segrnent$. The ACP has made it clear that it plans todouble its tolls over the course of the nelrt twenty years, with a projectedaverage toll inerease of 3.5% per year.Despite references to ton increases of approximately 3.5% per year, the ACP'sactual proposal would lead to toll inereases in the range of 26% to 34% over thefirst three years for sectors fal1ing under the tonnage-based dhargingmechanism, and would result in a 47% increase in tolls for container vesselsduring that same three-year period.The Proposed Toll increase Would Cause Damage to Shipping Companie3and Canal RevenuesThe shipping industry is capital intensive, New vessels generally costcompanies sornewhere between 50 to 100 miilion dollars each. Relatedinfrastructure requirements such as terminals and container-handlingeciuipment also cost millions of dollars. EIhe shipping industry has invested ,billions of doUars to ensure the continued availabhity ofsafb and reliable t-l-tshipping services. These rnassive investments require years to carry out aiid aneven longer period of time to plan.In keeping with the long-tm focrus of the container shipping industry, almostail carge transported by JSA member vessels is carried pursuant to cbntractsthat are Df one year or more in duration. These contracts provide carriers withreasonahle assurances of a revenue stream and their customers with fixed costsover the tm of the corrtract.Atthisime,carriersarefacingunprecedentedincreasesinthecostofbunkerfuel and inland transportation costs teanicularly in the U.S., the origiri anddestination of a significant percentage of cargo moving through tihe Canal}.An inerease as sigriificant as the one proposed will be virtually impossible topass on to customers and corild be damaghg to the economic vial\)maty ofcarners.The proposed inerease will exacerbate the current economic pressure carriersare facing, and in turn could have measural\)le effhcts on the world economy.mae JSA recognizes the ACP's desire to invest in and imptove the Canal, itbelieves that under the circumstarices outlined above an excessive increase inCanal toils with very little lead.ime could result in fewer caniers uti1izing thePaiiarna Canal 'I hus, should any toll inerease be necessary, JSA proposes thatthe inerease be of a smaller size, and that it be implemented at a 1ater date,tihereby affording all segrnents of the indusitry suficient tirne to adjust theircurrent plans accordingly. By so dcring, the ACP would help ayaid the economicdainage to carriers that could result from a larger and more tmediate increase.in this respect, JSA asks that the ACP take action in accordance with the spiritof the treaty concerning the Permanent Neutrality and Operation of the PanarnaCanal, which stipulates that tolls and charges for the canal should bejust,reasonable and ecluitable. See Panarna Treaty of 1977, Article III, Section 1(c){`"rolls and otiher chargos for transit and ancMary services shall bejust,reasonable, equitable and consistent with the principres of international law."\).JSA Has Serious Concerns Regarding the Tiirring and Amount of theProposed Toll increaseThe ACP's proposal also incorporates a serious front-loading of toll increasesover the first three years that would require current Canal users to pay rni11ionsof dellars more in the short term in exchange for promises of long-term benefits.This proposal wcruld, therefore, subsiclize future users of the Canal at theexpense af cument users. JSA believes that the ACP should provide for a rnoreequitable distribution of costs between enrrent and future users. Existingusers should not be expected to bear an unfair proportion of the financial costsof a project that will also harve major benefits for future users.Under the Panama 71reaty of l977, J$A dbes not believe that front-loading thetoll inereases over the next three years is reasonable or equitable. It is simplynot equitable to ask current users to pay a disproportionate arnount of tollsover the first three years. To remedy this situation, JSA recommends that the '-2-ACP explore the extent to which the costs for irnprovements of the Canal mightbe spread more evenly over a longer period of tirne.ConalusionjSA appreciates the open communication that tlie ACP has undertaken withthe shipping industry with respect to its proposal. JSA also appreciates theACPls professional and competent operation of the Canal and the investmentand improvements that the ACP has made and plans to make. However, JSArespectfally opposes the img and amount of the ACP's proposed tolls, whichrepresent an unreasonable increase over the next three years. As such, JSArequests that the ACP reconsider its proposal, giving parti{ ular deliberation tothe al\)ove-mentioned points.-----t---- ----t-e----d-------'-3-
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