Dr. Ricaurte Takes Office as Panama Canal Administrator
Dr. Ricaurte Vásquez Morales was sworn-in during a ceremony held at the Panama Canal Administration Building in Panama City, becoming the fourth Panamanian Administrator of the waterway shortly before it celebrates its 20th year under Panamanian administration on December 31, 2019.Administrator Vásquez an economist with more than 30 years’ experience in the public and private sector said: "Just a few months short of the 20th anniversary of the transfer of the Canal to the Panamanian people, we face a distinctly different reality today. Trade now travels along different routes.""This new global reality, in which the Canal operates, requires us to redefine and adapt our business.
Panama Canal starts Speed Limits to Protect Whales
Starting August 1 and until November 30, 2019, the Panama Canal will promote the implementation of the International Maritime Organization’s (IMO) annual recommendations on speed and maritime transit aimed at protecting cetaceans, which include whales, dolphins and other large aquatic mammals, during their nearby seasonal migration.With these measures, ships should proceed at a speed of not more than 10 knots in specified areas. Panama has monitored this requirement since December 1…
Panama Canal, UN Join Forces on Climate Action
The Panama Canal and UN Environment signed a cooperation agreement today to join efforts on sustainable development and combatting climate change.Signed by the Administrator of the Panama Canal Jorge L. Quijano and the Regional of UN Environment in Latin America and the Caribbean Leo Heileman, the agreement includes the exchange of experiences and knowledge, the development of programs and research in areas of shared interest, and human resources training across both institutions.The disruption of rainfall patterns due to climate change is one of the main threats to water levels in the watershed of the Canal, that sustains more than two million inhabitants…
Panama Canal Hearing on Tolls Structure
The Panama Canal Authority (ACP) held Tuesday a public hearing on the proposed modifications of its toll structure which culminated the period for receiving inquiries from the industry.The agency of the government of Panama responsible for the operation and management of the Panama Canal recently published a proposal to modify its current tolls structure for the dry bulk, passenger, containership, vehicle carrier and RoRo segments, as well as tankers, chemical tankers, LPG and LNG vessels, the intra-maritime cluster and minimum tolls.“The public hearing is an invaluable part of the process,” said Panama Canal Administrator Jorge L. Quijano.
Panama Canal to Modify Tolls Structure
The Panama Canal published a proposal to modify its current tolls structure for the dry bulk, passenger, containership and vehicle carrier and RoRo segments, as well as tankers, chemical tankers, LPG and LNG vessels, the intra-maritime cluster (local tourism segment) and minimum tolls (small vessels).According toa press release from the Panama Canal Authority (ACP), the announcement marks the beginning of a 30-day formal consultation period for industry feedback, which will close on July 15, 2019."With this proposal, we aim to better serve the global maritime industry," said Panama Canal Administrator Jorge L. Quijano. "Our proposed modifications will increase transparency and flexibility…
Triton Makes Record Transit Through Panama
The Panama Canal completed a trial transit of Evergreen’s Triton, the largest vessel in dimension and container cargo capacity to pass through the Expanded Canal since it opened in June 2016.The Neopanamax containership Triton, which has a Total TEU Allowance (TTA) of 15,313, a 20-row beam of 51.2 meters and a length of 369 meters, transited northbound from the Pacific to the Atlantic Ocean.“We are excited about the opportunities enabled by the Triton’s trial transit,” said Panama Canal Administrator Jorge L. Quijano.“Our team continues to offer the additional capacity, and deliver on our promise to provide unparalleled safe and efficient service to our customers.
Panama Canal Appoints New Administrator
The Panama Canal Board of Directors announced the appointment of Ricaurte Vasquez as the next Panama Canal Administrator.According to a press note from the artificial 82 km waterway in Panama that connects the Atlantic Ocean with the Pacific Ocean, Vasquez will take office on September 4, 2019, succeeding current Administrator Jorge L. Quijano, who concludes his seven-year term at the helm of the waterway.The decision was made by the Board of Directors in accordance to an independent, transparent and rigorous process mandated by the Panamanian Constitution and Organic Law of the Panama Canal Authority."As part of the Panama Canal Authority's autonomous institutional process…
Brazil’s Itaqui Port and Panama Canal Sign MOU
The Panama Canal has signed a memorandum of understanding with the Port of Itaqui to promote the shipment of grains and other cargoes in the commercial route from Brazil through the Panama Canal to destinations located in the Pacific Ocean.Itaqui, located in São Luís, Maranhão, is the Brazilian port closest to the Panama Canal. It has the infrastructure and connectivity necessary to move these exports to markets in Asia."With this agreement, the Panama Canal looks to promote the use of the Panamax Locks for grain transits originating in northern Brazil and traveling to markets in Asia" said a statement from Panama Canal Authority."We look forward to a very productive relationship while we work together on our mutual objectives of improving and facilitating global trade…
Panama Canal Sets Record Annual Cargo Tonnage
The Panama Canal closed its 2018 fiscal year with a record tonnage of 442.1 million Panama Canal tons (PC/UMS), which represents a 9.5 percent increase from the previous year, the Panama Canal Authority reports.With this tonnage, the Panama Canal surpasses the cargo projections of 429.4 million PC/UMS tons for FY 2018, as well as the 403.8 million PC/UMS tons registered in FY 2017."The Panama Canal continues to exceed our expectations, reinforcing every day the importance of the waterway's expansion and its impact on global maritime trade," said Panama Canal Administrator Jorge L. Quijano.
Four LNG Carriers Transit Panama Canal in One Day
The transit of four liquefied natural gas (LNG) carriers through the Panama Canal’s Neopanamax Locks in a single day marks a new milestone for the canal and reinforces its capacity to handle growing demand from the U.S., where several new LNG export terminals are scheduled to begin operating.On Monday, the vessels Ribera del Duero Knutsen with a cargo capacity of 173,000 m3 and Maran Gas Pericles with cargo capacity of 174,000 m3 transited northbound, while Torben Spirit with a cargo capacity of 174…
4,000th Neopanamax Vessel Transits the Panama Canal
The Panama Canal registered the transit of its 4,000th Neopanamax vessel through the Expanded Canal, underscoring the steady growth of the burgeoning liquefied natural gas (LNG) segment – which began transiting the waterway for the first time following the inauguration of the Expanded Canal.The LNG tanker Maria Energy completed the milestone transit traveling southbound from the Atlantic to the Pacific Ocean on July 29."The steady increase in Neopanamax transits reflect our customers’ confidence in the Expanded Canal…
Expanded Panama Canal Commemorates Two Year Anniversary
In the two years since its inauguration, the Expanded Panama Canal continues to offer record growth across segments and rising trade opportunities around the world. The Panama Canal marked the two-year anniversary of the inauguration of its Canal Expansion, the largest enhancement project in the waterway's 103-year history, on June 26. To date, the Canal has transited 3,745 Neopanamax vessels, traffic that confirms the route's efficiency and the maritime industry's confidence in the Expanded Canal. "Two years ago, we pledged to usher in a new era for world commerce," said Panama Canal Administrator Jorge L. Quijano. The performance of the Expanded Canal's Neopanamax Locks continues to exceed expectations.
Panama Canal Sets Monthly Tonnage Record
Yesterday, for the third time since the inauguration of the Expanded Canal, the Panama Canal set a new monthly tonnage record of 38.1 million tons (PC/UMS) after facilitating the transit of 1,231 vessels in May 2018.The previous record was established in January 2017, when 1,260 vessels transited 36.1 million tons (PC/UMS) through the waterway, just a month after setting the record with 35.4 million tons (PC/UMS) transited by 1,166 vessels in December 2016.The containership segment contributed highest tonnage (36 percent)…
Panama Canal Lifts Daily Neopanamax Reservations to Eight
The Panama Canal announced that it has added an additional reservation slot to its Neopanamax locks, effective from Monday (May 07), bringing the total available booking slots to eight daily. The decision to offer additional capacity to shippers was made as a part of the Canal's routine careful planning and analysis to meet the increased demand at the interoceanic route, inaugurated nearly two years ago. Since then, the global maritime community has increasingly taken advantage of the time and cost savings afforded by the Expanded Canal. The Panama Canal has seen steady adoption of the route, recording year on year growth, both in terms of the number of vessels it has welcomed and volume of cargo transited.
Brazilian Grain Producers Explore Increased Use of Panama Canal
Brazilian farmers in top soy state Mato Grosso signed a memorandum of understanding with the Panama Canal Authority to evaluate ways to cut transportation costs and boost Brazilian grain volumes using the waterway, the authority's chief administrator said. The canal's administration is looking to increase its participation in rising Brazilian grain exports, since a large part of grain trade expansion in Brazil is via new terminals in the northern part of the country, which are closer to the canal.
Panama Canal Sets New Milestone with 3,000th Neopanamax Transit
Panama Canal announced the transit of its 3,000th Neopanamax vessel, exceeding initial traffic expectations by this date and reaffirming the value and impact its route has had on global maritime trade, said a press release on Friday (March 02). The Panamanian flagged containership MSC Caterina completed the milestone transit this morning traveling northbound from the Pacific to the Atlantic Ocean. The vessel measures 300 meters in length and 48 meters in beam, with a total TEU allowance (TTA) of 9,000 containers. It was one of nine Neopanamax vessels welcomed at the Panama Canal on Friday. "Today's milestone, achieved in less than two years of operation…
ACP, Cheniere Focus on LNG's Potential
Representatives from the Panama Canal, led by Administrator Jorge L. Quijano, hosted executives from U.S. LNG exporter Cheniere Energy, Inc. to discuss the waterway’s growing LNG vessel segment and opportunities for future growth. With LNG emerging as its newest and fastest-growing segment, the Panama Canal has worked closely with shippers as part of an ongoing commitment toward strengthening overall communication and improving service and reliability for customers. “Our visit allowed a greater understanding of the complexities around the Panama Canal operations. We are very appreciative of the collaboration with the Panama Canal to facilitate our 62 transits in 2017…
Panama Canal Aims to Spur Emissions Reductions
A new Emissions Calculator tool will offer shippers assessments of their carbon emissions, rank those who have reduced the most emissions by transiting the Panama Canal versus alternate routes and encourage action to reduce carbon footprints. “The Panama Canal has always been committed to reducing its carbon footprint and impact on the environment,” said Panama Canal Administrator Jorge L. Quijano. Panama Canal Environmental Specialist Alexis Rodriguez explained that the Emissions…
Panama Canal Sets Record Annual Cargo Tonnage
Following the close of its 2017 fiscal year (FY17), the Panama Canal announced that the waterway welcomed a record 403.8 million Panama Canal tons (PC/UMS) of cargo in FY17, the largest amount of annual tonnage ever transited in its 103-year history. The 22.2 percent increase from the previous year can be directly attributed to the added capacity provided by the Expanded Canal. According to figures, the Panama Canal transited a total of 13,548 vessels during its FY17, representing a 3.3 percent increase compared to totals the year before.
Panama Canal Welcomes Largest Capacity Containership To-date
The Panama Canal today welcomed the largest capacity vessel to ever transit the Expanded Locks, the Neopanamax containership CMA CGM Theodore Roosevelt, which began its voyage from Asia, will be making stops along the U.S. East Coast. The ship has a total TEU allowance (TTA) of 14,855 and measures 365.9 meters in length and 48.2 meters in beam. “Today’s transit not only represents the growing success and adoption of the Expanded Canal, but also its impact on reshaping world trade,” said Panama Canal Administrator Jorge L. Quijano.
Panama Canal Hearing Addresses Toll Structure Changes
The Panama Canal Authority (ACP) today held a public hearing on its tolls structure modifications proposal. “The modified tolls will safeguard the Canal's competitiveness, charge a fair price for the value of the route and provide a competitive service to the global shipping industry,” said Panama Canal Administrator, Jorge L. Quijano. The hearing follows the conclusion of a 32-day formal consultation period for industry feedback. All comments received both in writing and at the hearing will now be evaluated and analyzed by the Board of Directors…
Expanded Panama Canal Celebrates First Anniversary
The Panama Canal commemorated the one-year anniversary of the inauguration of its Expanded Canal, one of the most significant milestones in the history of the 102-year old waterway and a defining moment for the people of Panama and the global maritime industry. In its first year of operations, the Expanded Panama Canal has continually set records and surpassed expectations, resulting in redrawn global trade routes and positive world-wide impact, as the Canal looks to further position Panama as the logistics hub of the Americas. During the one-year anniversary, the vessels that transited the Expanded Canal received commemorative plaques. Albert III: A liquefied petroleum gas (LPG) vessel, chartered by Petredec Services Limited.
Panama Canal to Modify Tolls Structure
Panama Canal Authority (ACP) has published a proposal for modifications to its current tolls structure, signaling the beginning of a 30-day formal consultation period for industry feedback, allowing the waterway to continue providing a competitive service to its customers. During the past few months, Panama Canal Administrator Jorge L. Quijano and executives met with Canal customers and industry representatives in Europe, Asia and North America, demonstrating the Canal's commitment to being responsive to its customers. "These meetings with customers in Asia, Europe and North America have been extremely valuable in providing us with a deeper understanding of the industry today…