Panama Canal Income Slips

Toll income at the Panama canal between October and February slipped 2 percent to $240 million, compared with the same period a year before, the Panama Canal Authority (ACP) said. The ACP, which runs the waterway, said the slightly lower revenue was due to a fall in grain and oil shipments although an increase in container traffic alleviated the 16.9 percent and 10.3 percent reductions, respectively, in grains and oil tonnage. Total tonnage shipped through the canal in the October to February period was 78.9 million metric tons, down six percent from a year before. Container traffic grew 7.9 percent to 12.9 million metric tons. The ACP said the number of transits made during the period was 5,061, 5 percent less than the 5,377 transits recorded in October-February last year. The Panama Canal, which passed from U.S. to Panamanian control at the end of 1999, posted revenues of $568.9 million during fiscal 1999, an increase of 4.2 percent over the previous fiscal year. Panama's fiscal year runs Oct. 1 to Sept. 30.