Ricaurte Vasquez News

The Panama Canal's toll revenues have dipped by about $100 million per month since last October, the canal's administrator said on Wednesday, adding that if the trend continues reduced income from tolls could total some $700 million by around April.The falling revenue stems from drought conditions that have forced the canal's managers to impose shipping restrictions on the more than century-old waterway, a key global trade route linking the Pacific and Atlantic Oceans.The canal's fiscal year begins in October, and runs through September.Canal Administrator Ricaurte Vasquez described the contin

The Panama Canal could further reduce the maximum number of authorized daily vessel transits if this year's drought continues, the waterway's administrator said on Tuesday.A backlog of ships is waiting to pass through the trans-oceanic canal, which handles an estimated 5% of world trade. It began restricting vessel draft and daily passage authorizations this year to conserve water.Many vessels have had to lighten cargoes before passing, and freight costs have risen ahead of the Christmas shopping season.Up to 32 ships are currently authorized to transit every day…

The drought-hit Panama Canal has temporarily limited the number of new reserved passage slots to help ease a bottleneck of ships that are waiting to transit without reservations, the waterway's authority said on Thursday.A logjam of commercial vessels seeking to pass through the canal, one of the world's busiest trade passages, has sent companies that typically use the waterway chasing alternative routes, according to executives and data.Any delay or disruption can put shippers on edge.

The Panama Canal will expand restrictions on the largest ships crossing the waterway, one of the world's busiest trade passages, the canal authority's administrator said on Wednesday, citing shallower waters due to drought.The measure follows a series of depth restrictions in the 50-mile (80 km) canal since the beginning of the year due to a drought, which authorities had hoped would ease by the start of the Central American country's rainy season.Ship traffic, including container ships and oil tankers, using the canal between the Atlantic Ocean and Pacific Ocean accounts for about 3.5% of glo

The amount of cargo passing through the Panama Canal is expected to shrink this fiscal year, the canal’s top authority said on Wednesday, with experts warning lower volumes could hurt Panama’s economy.Canal Administrator Ricaurte Vasquez said the institution forecasts just 500 million tonnes of goods passing through the 50-mile (80-km) trans-oceanic waterway in the 2023 fiscal year, some 10.3 million less than the previous forecast.Vasquez blamed the slowdown in part on Russia’s war in Ukraine…

The Panama Canal moved more than a half a billion tonnes of goods over the last year, the canal's top official said on Thursday, marking a record high for the key global waterway as international trade picked up.Ricaurte Vasquez, the Panama Canal Authority's administrator, told reporters during a webcast news conference that 516.7 million tonnes of goods passed through the century-old waterway during the 2021 fiscal year, which ended in September."It's been an exceptional year," he said, noting it was the first time the canal transported more than 500 million tonnes of goods during the 12-mont

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…

will double capacity and allow more traffic. comprehensive analyses and studies by the ACP. a graduated toll system. Dr. Torrijos at a Town Hall meeting in Panama today. Assembly, and the process will culminate with the Panamanian people voting in a national referendum. shipping and maritime industry. expansion of the Panama Canal," said Dr. Vasquez. trade. center of global trade and become a great maritime hub. An expanded Canal will benefit the people of Panama and world trade. trade. facilitate the movement of goods through several important markets. consumers. Canal through the construction of a new set of locks. 60 percent of the water in each transit. Canal's Watershed. sustainable development and environmental management best practices. system of tolls.