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 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 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 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
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.
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.
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.
The Panama Canal has launched the Green Connection Award, a new initiative to recognize customers who demonstrate excellent environmental stewardship, and to encourage others to implement technologies and standards to help reduce greenhouse gas emissions.
Thyssenkrupp supplied 14 innovative elevators for expansion of the Panama Canal , seven for each new lock complex, one of which is on the Atlantic side and the other on the Pacific. Traffic through the locks will be monitored from two control towers that can be accessed via
As Team Britannia prepares for its bid to break the round-the-world powerboat record later this year, GAC has been named their official shipping and logistics partner. GAC will draw on the local contacts and expertise of its network of global offices and partners to provide the 80ft powerboat
US East Coast service through the Panama Canal to improve transit times significantly! Maersk Line will transform its TP12 service in to a standalone, around-the-world service that provides significantly faster transit times between Far East Asia and the US East Coast.
The United States will ship its first liquefied natural gas (LNG) cargo through an expanded Panama Canal next week. The waterway shaves distances between export plants dotted along the Gulf of Mexico and Asia to 9,000 miles from 16,000, allowing U.S
More containership capacity is being demolished than ever before, including old-design ships made redundant by the new Panama Canal. Drewry checks if this end the current capacity surplus? Now is not a good time to own an old containership
China will send more ships flying its flag to take the Northwest Passage via the Arctic Ocean to cut travel times between the Atlantic and Pacific oceans, says the state news agency Xinhua. The world's largest maritime carrier China COSCO Shipping Corporation will send more cargo
Today South Carolina Ports Authority (SCPA) welcomed the Hannover Bridge, first post-Panamax size vessel to call Charleston after transiting the newly-opened Panama Canal expansion. "SCPA is already benefiting from the upsizing of vessels in response to the expansion
Today, another milestone agreement was reached as Panama Canal Administrator and CEO Jorge L. Quijano and PortMiami Director Juan M. Kuryla renewed a Memorandum of Understanding (MOU) to promote trade opportunities and share best customer practices.
It was another lacklustre month for the shipping industry as freight rates in almost all sectors softened further. Drewry’s Earnings Index declined by 0.5% during the month to 52.4. The new locks of the Panama Canal finally became operational in June
Just two weeks ago, the world watched as the first commercial vessel, M/V COSCO SHIPPING PANAMA, successfully navigated the Panama Canal’s new expanded locks. The inaugural event was broadcast live to a worldwide audience as the Panamanians in attendance cheered and waved flags in
Wilhelmsen Ships Service (WSS) is moving to ensure that its customers’ vessels pass through the new Panama and Suez Canals with the optimum efficiency, speed and safety thanks to a fresh Ships Agency ‘canal transit’ solution
Mitsui O.S.K. Lines, Ltd. today announced that the MOL Benefactor, a 10,000-TEU containership has successfully passed through the expanded Panama Canal on July 1, 2016. This is significant in that the MOL Benefactor is the first Neo-Panamax containership to perform a commercial transit
Recent expansion of the Panama Canal should lower shipping costs, say market observers. Shipping geeks will delight at this engineering marvel that revolutionized global maritime trade. As a major Latin American hub of finance, commerce and transportation
With the locks at the Panama Canal up and running for commercial business, the focus falls on the containership sector, with the capability to allow the transit of larger boxships one of the key aims of the canal expansion project. Clarksons Research Analysis.