(From The Korea Herald)
The passage fees for the Panama Canal connecting the Pacific with the Atlantic Ocean are expected to rise drastically, dealing a blow to domestic shipping companies reeling from financial troubles.
According to the Maritime Affairs and Fisheries Ministry, the Autoridad del Canal de Panama, the managing organization of the canal, plans to raise its toll by 13 percent and impose additional usage fees for towing vessels from October.
The amount of canal passage fees paid by domestic vessels last year totaled $36.6 million. With the hike, the shipping companies will end up paying an additional $4.75 million, a ministry official …