FIRST quarter Panama Canal transits have fallen 1.5 per cent year on year, resulting in an overall 2.3 per cent drop in tonnage, the Panama Canal Authority has announced.

Shortly after the announcement, the Panama Canal Authority said it will freeze tolls this year, but warned that they would be re-calculated next January.

Containerships will be targeted in the re-calculation, which will involve a price adjustment to the capacity charge and another levy applying to laden containers.

The downturn hit containerships, tankers and reefer shipments most severely, reported Newark's Journal of Commerce. Transits were down by 60 ships from the 3,914 in the first quarter of 2009, while transits of super tankers and other large vessels fell 0.8 per cent to 1,801.

But motor vehicles, dry bulk and general cargo were up and transit times improved, only marred by a higher accident rate.