The Panama Canal Authority
(ACP) announced today that its Board of Directors and Canal Advisory Board
convened for its annual fall meeting, September 11-12, in Copenhagen, Denmark
, to discuss the Canal's current state of affairs and future projections. Highlighting the meetings were briefings on port developments in the East Coast of the United States
and China, capacity issues and the international maritime industry.
The Boards discussed the progress and results of projects within the permanent modernization program - many of which have increased capacity, reduced Canal Waters Time (CWT) and enhanced reliability. The ACP was congratulated by the Advisory Board for its early completion of the widening of the Gaillard Cut, the conversion of floodgate machinery and the modernization of the locomotive fleet and towing rails. Other projects recognized at the meeting included the implementation of the AIS system and the deepening of Gatun Lake.
"As we strive to increase capacity and operate the Canal with utmost efficiency, the Advisory Board becomes
more important - an invaluable asset. It is composed of some of the world's most impressive figures in shipping, finance, business and academia.
It gives me and our Board of Directors strategic advice - straight, honest and insightful counsel," said Canal Administrator Alberto Alemán Zubieta.
Presided by William O'Neil, Secretary-General of the International Maritime Organization (IMO), the Advisory Board was founded on December 13, 1999, and meets twice a year: once in Panama and once at a city important to the international maritime industry. The Board is composed of members from the shipping industry, academic, commercial and financial fields and provides strategic counsel to the ACP and the Board of Directors