The Panama Canal set a mark in its history as it reached a new tonnage record of 333.7 million Panama Canal tons (PC/UMS) during fiscal year 2012 which concluded on September 30. This achievement highlights the value of Panama and its significance as a link in the chain of global trade. "This milestone attests to the reliable and continuous service offered by the Canal, which is supported by a workforce of 10,000 men and women. The Panama Canal works tirelessly to provide its customers with first-rate service, including new products and services in response to their evolving shipping and maritime needs," said Panama Canal Authority Administrator/CEO Jorge Luis Quijano. Preliminary figures showed that the Panama Canal closed fiscal year 2012 with 333.7 million Panama Canal tons (PC/UMS). This figure represents an increase of 11.6 million Panama Canal tons or 3.6% compared to the 322.1 million tons registered last year, and also surpasses the previous 2007 record of 312.9 million tons. (Under PC/UMS, a mathematical formula is applied to the vessel´s total volume or cargo carrying capacity). PC/UMS tonnage during the most recent fiscal years of the Panama Canal: FY PC/UMS (in millions): 2002 235.1 2003 242.7 2004 266.9 2005 279.3 2006 297.8 2007 312.9 2008 309.6 2009 299.1 2010 300.8
The New York State Canal System, once forgotten as a commercial shipping option, is on the rise again, after years of decline. The shorter, greener and smarter route(s) make increasingly good sense for high value cargoes. Commercial utilization of America’s original superhighway – the Erie Canal – is on the rise again in recent years after years of decline. The third generation of the famed Erie Canal – the “Barge Canal” was constructed between 1905 and 1918
The Panama Canal Authority (ACP) will charter a Post-Panamax vessel before the opening of the expanded Canal to be used for training purposes in the Third Set of Locks. The Executive Vice President of Operations Esteban Saenz reported that the Panama Canal will charter a Post-Panamax ship to train pilots and tugboat captains that will assist in transits through the new lane. Saenz said the vessel will be used several months before the opening of the expanded Canal to test the new locks
State-of-the-art facility in Corozal receives green light from canal’s board of directors The Panama Canal board of directors this week formally approved the development and construction of a transshipment port in Panama’s Corozal region. Upon completion, the port will have the capacity to handle more than five million TEUs within a 120-hectare area at the canal’s entrance to the Pacific. The project is now awaiting the final step for approval from Panama’s
The Egyptian government is pressing ahead with the first major expansion of the canal in almost 150 years, to allow ships to pass north and south concurrently, reports Telegraph. The Suez Canal Area Development and the Second Suez Canal Projects are the most important drivers of economic recovery in Egypt and mark a turning point for a country that has been marred by continuing instability. The project – which has been underwritten by Egyptians subscribing to
The Suez Canal Authority is in a race to quickly expand the vital waterway for two-way traffic by August 2015, says an Associate Press report. Workers dig round the clock on Suez Canal expansion, hoping for surge in East-West trade. President Abdel-Fattah el-Sissi has made the project a point of nationalist glory, not to mention a cornerstone of plans to revive the economy. But while shippers say more ships may be drawn by shorter waiting times
The Panama Canal will be run as a competitive business for the benefit of the Panamanian people after it reverts to national control at year's end, the waterway's administrator said. "The Canal was run before on a break-even concept, like a public utility," Panama Canal Commission (PCC) administrator Alberto Aleman Zubieta told a lunch for members of the American Chamber of Commerce. "But it will be run on the corporate concept of profitability ... for the 2
The voting began on Sunday morning, where the enthusiasm and energy was apparent as each voter played their part in this historic event that determined the direction and future of the Canal and Panama. By law, expansion, or the “third set of locks project,” must be put to a vote in a popular referendum. The Panama Canal Authority (ACP) presented its formal proposal to the Panamanian government in April. In the end, 78 percent voted for expansion, as of 9:30 p.m. EDT.
April 2011 marks the 200th anniversary of the key decisions for the construction of the Erie Canal, a monumental public works project that transformed the economy of New York State. Two centuries ago, on April 8, 1811, the state Legislature approved a measure that set into motion the construction of the Erie Canal. This followed the delivery of a report on March 2, 2011 of a report by the original Commission.
Effective from today, the entry of the second southbound convoy into the Suez Canal has been suspended until completion of cleansing and dredging work in the new Canal area. All southbound vessels are able to transit the Canal within the limit time designated for the first southbound convoy. The first southbound convoy commences daily on at 0100 hours local time, with a limit time of arrival 1900 hours on the previous day.
Panama opened the long-delayed $5.4 billion expansion of its shipping canal amid cheering crowds on Sunday, despite looming economic uncertainty in the shipping industry and a heated battle over billions in cost overruns. At 7.50 a.m. (1250 GMT)
The Expanded Panama Canal is now officially open for business. During the official inauguration ceremony, Panamanian President Juan Carlos Varela and Panama Canal Administrator and CEO Jorge L. Quijano spoke to a crowd of more than 25,000 jubilant Panamanians, Canal employees
The total volume of the Panama bunker market has increased in recent years as price levels are becoming increasingly competitive to U.S. bunker hubs like Houston, New Orleans and New York. In 2015, reports indicate that approximately 5 percent of the global trade passes through the Panama
On June 27, the expanded Panama Canal opened for commercial transit, and Lycaste Peace, a very large liquefied petroleum gas (LPG) carrier operated by NYK, was the first vessel to complete a commercial passage through the new locks.
As summer approaches in the northern hemisphere, scrapping activity has been continuing at a firm pace, and appears set to come close to record levels in full year 2016, accroding to a report by Clarksons Research. With earnings suffering in the bulkcarrier and containership sectors
The United Kingdom Hydrographic Office is to release five new Electronic Navigational Charts (ENCs) for the expanded Panama Canal. The new ENCS are produced by the Panama Canal Authority (PCA) and provide end-to-end coverage of the Canal at a scale of 1:10 000.
Panama Canal expansion opens June 26 amid much fanfare and one of the worst shipping industry slumps ever. WSJ says, while it won’t do anything to help the dire state of the industry near-term, the changes are critical to Western trade in the long run.
Today, the Panama Canal conducted another successful trial transit in the Expanded Canal. The transiting vessel, a U.S.-built crane ship named the Oceanus, was maneuvered through the Pacific-facing Cocoli Locks by Panama Canal Pilots Fernando Jaén and Ricardo Varela.
As the global shipping industry facing tough weather, the $5.25 billion expansion of the Panama canal is set to open Sunday (June 26), reports AP. The deeper, wider channel is designed to accommodate the world’s growing fleet of mega cargo ships and expanding trade between North
History will be made in Panama on Sunday, June 26, when the first-ever Expanded Panama Canal is inaugurated. The COSCO Shipping Panama will transit through the new locks on this significant day, with the world as its audience. The Panama Canal Expansion project is the largest construction
French shipping giant CMA CGM plans to use Kingston Container Terminal, Jamaica as a strategic Caribbean transshipment hub for an enlarged Panama Canal. The Port connects to US East Coast, the Gulf of Mexico, the Caribbean and northern Brazil.
On 26th June 2016, a landmark development for the shipping industry will occur with the opening of the new third set of locks at the Panama Canal. Clarksons Research takes a look. Around ten years in the making, the expansion will enable significantly larger ships to transit the
Suez Canal traffic data revealed that 210 ships transited the canal, with a total load of 12.8m tonnes, from 19 to 23 June. An average of 42 ships transited the canal per day during that period, with an average load of 2.56m tonnes per day
The Chinese giant Cosco Shipping has made the inaugural transit on Sunday June 26, 2016 through the expanded Panama Canal expansion project , event appreciated by thousands of people in Agua Clara lock province of Colon.
A 984-foot Chinese container ship was greeted with fireworks and cheers from a crowd that had gathered, when it made an inaugural passage through the newly expanded Panama Canal on Sunday, formally launching the Central American nation's multibillion-dollar newly-enlarged Panama Canal.