Panama Canal expects to see traffic increase in 2011

THE Panama Canal Authority (ACP) anticipates that next year will bring a rise in traffic for the second year running as international trade continues to recover with the world economy.

The ACP is forecasting that net tonnage of ships passing between the Pacific and Atlantic oceans will hit 305 million tons in fiscal 2011, up from 300.1 million tons the previous year.

ACP administrator Alberto Aleman was quoted as saying in a Dow Jones report, "I do believe that still this is going to be a slow recovery in world economics," he said.

Canal traffic had declined to 298.8 million tons in 2009 down from 312.7 million tons in 2007. About 70 per cent of cargo passing through the waterway was headed to or from the US.

The report added that ACP plans to increase fees on January 1 when the toll for cargo-bearing shipping containers will be hiked to US$82 per TEU, up from $72 at present. For empty containers or vacant container slots, ships will pay $74.

Panama Deputy Finance Minister Frank De Lima said earlier the canal expansion project to be completed in 2014 will enter its "most active phases" next year, contributing to the economy's expected growth rate of seven per cent from 2010.

At present, the largest ships allowed in the canal are able to carry up to 5,000 TEU, but once the new locks are fitted, 12,600-TEU ships will be able to enter the canal.

"Panama for me is the only port in the world that has terminals in two oceans," Mr Aleman said, noting that the 50 miles between the Atlantic and Pacific at each end of the canal are bridged by highway and rail. "You can drop a box and have it in an hour in the other ocean."

Panama's port system in recent years has become the busiest in Latin America, moving 4.4 million TEU annually, up from 200,000 in 1995. By 2015, the ports are expected to handle eight million containers per year.
(Source:www.schednet.com)