S&P Upgrades Panama Canal's Outlook
Two years after the inauguration of the Expanded Panama Canal, Standard & Poor's (S&P) Global Ratings revised its outlook on the Panama Canal from ‘stable’ to ‘positive’ – demonstrating the global impact of the historic waterway. The rating agency also affirmed its 'A-' rating for the Panama Canal, ranking the ACP two notches above that of the sovereign foreign currency rating. The Panama Canal's outlook indicates the rating agency's expectation that it will generate relatively stable annual earnings before interest…
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 Nominated as Finalist for Lloyd’s List’s Environment Award
Panama Canal was honored as a nominee for the 2018 Lloyd's List Americas Awards' Environment Award in recognition of its pioneering Green Connection Environmental Recognition Program and related initiatives. Representatives from the Panama Canal Authority were among a series of key maritime figures celebrated at the gala event last night in Houston, Texas. The Environment Award, presented by London-based maritime industry publication Lloyd's List, acknowledges exceptional programs working to reduce pollution in the marine environment caused by maritime sources.
Op/Ed: Continuous Improvement for the US Salvage Indsutry
U.S. salvage industry update: Coast Guard recognition and continuous improvement for the domestic salvage industry and its working professionals.Professional salvors are called in when the ship’s crew is overwhelmed – the last resort to protect lives, minimize environmental impacts and save the ship and cargo. These salvage masters, divers, firefighters, naval architects, heavy lift operators and other salvage team members regularly go into harm’s way and consistently perform incredible feats. They commit their lives and livelihoods to this work.
ITF on Reducing Crew on Panama Canal Tugs
The International Transport Workers’ Federation (ITF) has been made aware of a communication sent on 30 May 2018 by the Panama Canal Authority (ACP) to the Union de Capitanes y Oficiales de Cubierta (UCOC) about reducing the tug’s complement to the minimum manning established by the Panama Maritime Authority. The ACP has informed the UCOC that from 1 July 2018 there will be further reductions to the crew with the removal of the additional captain. This position is currently part of the forward tug’s crew since the opening of the new locks in 2016.
Panama Canal Sets Daily Tonnage Record
In February 2017, the Panama Canal set a new daily tonnage record of 1.18 million Panama Canal tons (PC/UMS) after welcoming a total of 1,180 vessels through both the expanded and original locks, the Panama Canal Authority reported. The previous record was established the month prior in January 2017 when the canal recorded a daily tonnage average of 1.16 PC/UMS. February is the third-consecutive record-breaking month for the Panama Canal. In December 2016 and January 2017, the waterway set monthly tonnage records after transiting 35.4 million PC/UMS and 36.1 million PC/UMS, respectfully.
Meyer's Group Orders Tugs for New Panama Canal Locks
The Meyer's Group has ordered two Damen ASD 2913 Tugs to operate in the newly expanded Panama Canal. At an official signing ceremony at the Panama Maritime XIII World Conference, Michel Mittelmeyer, Chief Executive Officer said the Meyer’s Group was awarded a contract last year to offer towage support in the new Panama Canal locks. These new tugs fulfill the requirements of the Panama Canal Authority as more powerful vessels, of at least 80 metric tons bollard pull, are needed given the ever-increasing size of vessels, added Mittelmeyer.
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.
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…
Panama Canal Wins $193 mln Arbitration
The head of the Panama Canal Authority said on Monday a Miami-based arbitration board rejected a demand by Spanish-led GUPC consortium for $192.8 million to cover cost overruns during the building of a third set of locks for the century-old waterway. GUPC or Grupo Unidos por el Canal includes Sacyr SA of Spain, Impregilo of Italy, Jan De Nul of Belgium and Constructura Urbana of Panama. The authority's chief executive, Jorge Quijano, announced the ruling in a post on his Facebook page.
Panama Canal’s New Tolls Structure Approved
Modifications to the Panama Canal tolls structure have been approved by the Cabinet Council of the Republic of Panama. After a thorough analysis of the current utilization and productivity of the Neopanamax Locks, and after meetings with Panama Canal executives, customers and industry representatives in Europe, Asia and North America, the proposed tolls modifications were officially announced on June 1, 2017. This was followed by a formal consultation period to ensure all interested parties could provide feedback for consideration.
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's World Maritime Day Parallel Event
The connections between ships, ports and people were once again the focus for an international audience, as Panama hosted the 2017 World Maritime Day Parallel Event. The event was formally opened by His Excellency Mr Juan Carlos Varela Rodriguez, President of the Republic of Panama. During the keynote address, which focused on the World Maritime Day theme "Connecting ships, ports and people", IMO Secretary-General Kitack Lim emphasized IMO's strong commitment to helping achieve the aims of the Sustainable Development Goals adopted by the United Nations.
TMG Delivers Panama Canal Study
The Maritime Group (TMG) carried out a pivotal assessment review of the tugboat operations in the new third set of NeoPanamax locks of the $5.25 billion Expanded Panama Canal and made other operational observations. TMG was intructed by Autoridad del Canal de Panama (Panama Canal Authority – ACP) with a brief to focus on Health, Safety, Environment and Quality (HSEQ) procedures. "ACP accepted our findings in early September 2017 and is now considering any modifications to its procedures and the optimization of its schedules," says a press release.
FMC's Doyle to Exit Commission in January, 2018
Today, the Office of Commissioner William P. Doyle of the U.S. “Last week, I notified The President of the United States Donald J. Trump of my intention to leave the Federal Maritime Commission effective January 3, 2017. It has been an honor and a privilege to continue serving in the Trump Administration. I thank President Barack Obama for nominating and appointing me twice as a Commissioner. “I am proud to have worked alongside my fellow Commissioners and with such a dedicated and hardworking Commission staff.
Panama Canal Readies for Cruise Season
Cruise ship Coral Princess is slated to transit the Panama Canal on a voyage from Los Angeles, Calif., to the U.S. East Coast on October 4, 2016, officially kicking off the canal’s 2016-2017 cruise season, which according to the Panama Canal Authority will see more than 230 cruise ships pass through the Panama Canal. “We expect the major cruise lines will use the Panama Canal route during the cruise season, which lasts until April 2017,” said international trade specialist Albano Aguilar of the Vice Presidency for Planning and Business Development.
Panama Canal Expects LNG Tanker Traffic to Rise 50%
The number of liquefied natural gas (LNG) tankers traversing the Panama Canal is expected to jump 50 percent by September due to rising exports of the fuel from the United States, the head of the canal's governing agency told Reuters. After adding a third set of locks in 2016, the Panama Canal Authority expects that growing global demand for LNG will boost transit through the waterway, said Jorge Quijano, head of the authority. Demand for LNG has taken off in recent years because of abundant supplies of natural gas…
Panama Canal Cargo Tonnage Zooms
Strong container traffic, newly introduced segments and the Expanded Canal all contribute to the 330.7 million tons of goods welcomed through the Canal in FY16, the third highest amount ever recorded. Panama City, Panama, October 20, 2016 – At the close of the 2016 fiscal year (FY16), the Panama Canal Authority (ACP) recorded the third-highest annual tonnage in its history, welcoming 330.7 million Panama Canal tons (PC/UMS). A total of 13,114 vessels transited the Panama Canal during the fiscal period from October 1, 2015 to September 30, 2016.
Panama Canal Authority, Peel Ports Form Alliance
The Panama Canal Authority (ACP) has entered into a Memorandum of Understanding (MOU) with major UK ports operator, Peel Ports, who own the Port of Liverpool, as the latter gears up for the formal opening of its Liverpool2 container terminal in early November. The formal agreement creates a strategic alliance aimed at facilitating international trade and generating new business by promoting trade routes between Liverpool and the west coast of South America via the Panama Canal. The agreement was signed October 24 by Jorge L.
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 LNG Volume Soars as Global Demand Grows
The Panama Canal may carry five times as much liquefied natural gas (LNG) in 2020 as it did last year as production of the fuel expands in the United States and Asian import demand rises, the head of the canal's governing agency told Reuters.LNG volumes traversing the Canal could hit 30 million tonnes a year before the end of 2020, said Jorge Quijano, who leads the Panama Canal Authority, up from 6 million tonnes last year.Demand for LNG has risen significantly in the last three years as the increase of supply…
Panama Canal, IRPT Sign MoU
Inland Rivers, Ports & Terminals (IRPT) has signed a Memorandum of Understanding with the Panama Canal Authority (ACP). This historic event marks the first ever global connection for IRPT. This Memorandum of Understanding is important to all of our inland river ports, terminals, and river-borne transportation services and will recognize the importance of promoting waterway shipping. IRPT promotes foreign and domestic commerce using international trade routes, such as the Panama Canal.
Moody's Assigns Panama Canal A2 Rating
Today, Moody's credit rating agency announced that it has assigned an A2 rating to the Panama Canal Authority (ACP) for its business model, unique geographic advantage, and historically strong operational and financial performance. Moody's expects this performance to continue into the future, supported by the robust institutional framework and corporate governance under which the ACP operates. In its report, the credit rating agency highlighted that one of the ACP's largest financial strengths is its “clear legal and institutional framework…