This week the National Assembly will consider for ratification the three new members appointed to the Board of Directors of the Panama Canal Authority. Last week the Cabinet Council appointed Nicolás Iván Corcione, José Antonio Sosa and Marco Antonio Ameglio as new members of the board for 2010 - 2019. These three new members, whose appointments require ratification by the National Assembly, will be replacing Antonio Domínguez Álvarez, Guillermo Elías Quijano and Mario Galindo, whose terms are expiring. (Source: La Critica)   

The Panama Canal Authority (ACP) recently asked companies to submit proposals to determine the best way to construct a permanent crossing (bridge, tunnel, or combination) for vehicular traffic to pass over the Panama Canal on the Atlantic side of the waterway near Colon. Today the ACP held a ceremony to open the envelops containing the proposals submitted by the various participating companies. According to a press release, the URS-COWI group, which obtained the best combined score overall, will now have 240 days to submit their final proposal. The price established by URS-COWI was within the anticipated amount of money budgeted for the project, said the press release. URS is an engineering company that provides construction, environment and technical services, which has also previously worked with the ACP. Meanwhile, Cowie is a European engineering group and a leader in bridge design. (Source: La Prensa)

Editor's Comment: Good, excellent. One of the major issues holding back the development of the Atlantic side is quick and easy access to the "lower" coast of the province of Colon. One of my favorite places to go in Panama is the Balneario Tommy on the lower coast, and the biggest drag about going these is the prospect of maybe having to wait 30 minutes or longer before being allowed to drive across the locks to get to the other side. Anyway, I'll be doing a feature piece on them soon. I'm glad to see the government of Panama is going to build a bridge over there. It's been a long time coming.   

By Robert Wright in London - The administrator of the Panama Canal has vowed to press ahead with a programme of steep toll increases despite complaints that they are aggravating the shipping market crisis. Alberto Alemán Zubieta told the Financial Times that traffic through the canal, which links the Pacific and Atlantic oceans via an 80km waterway, had held up well during 2009 despite sharp toll rises. Figures released last month showed passages through the canal were only 2 per cent lower last year than in 2008. However, he acknowledged that the mix of traffic had changed sharply. The proportion made up of container ships, which have faced the biggest toll increases, has fallen over the past year, while there are higher numbers of bulk carriers loaded with grain. The toll increases are to help fund the $5.25bn (€3.7bn, £3.3bn) expansion of the canal, which will double capacity and hugely increase the size of ship able to use the waterway. The project, due to be completed for the canal's centenary in 2014, would be completed on time and under budget, Mr Alemán Zubieta said. He argued that excessive ship ordering and a slump in demand for their services, rather than high canal tolls, had created container lines' problems. The canal's revenues so far this year are 10 per cent above last year's level because of the toll increases. Following its takeover of the running of the canal 10 years ago, Panama has sought to maximise earnings from the waterway - the tiny country's main strategic resource - and develop it into an important logistics hub. The US, which built the canal and ran it for its first 85 years, sought only to cover operating costs. The largest container ships able to use the canal now pay nearly $320,000 for each transit, after tolls for the vessels more than doubled for container ships over in the past five years. Denmark's Maersk Line, the world's biggest container line and the canal's largest customer, has been among users demanding cuts in the tolls.

Editor's Comment: For the managers of the Panama Canal this is really the definition of a no-brainer. First, you find out how much it costs a ship to go all the way around South America, or to ship the same goods via another alternate route - such as dropping them into the West coast of the US and moving them inland by rail. As long as the Panama Canal is the most cost effective route then the ACP can hike the toll rates as much as they want. The shippers will grumble but eventually just pay the rates and pass the expenses on to their customers. So guess what - your new 58" plasma television costs $5 bucks more because Sony had to pay more to get it through the Panama Canal. Deal with it. It still would have cost $10 bucks more if it went around South America so Panama remains the best value. Within our lifetimes Panama will become the richest country in Latin America (expressed in terms of percentage of GDP per capita on a PPP scale) thanks to the revenue from the current as well as the greatly expanded Panama Canal. Who needs oil when you have the Panama Canal, eh? Ka-ching! Now, shut up and write the damn check - Mama needs a new pair of slippers...   

PANAMA CITY, Panama - The Panama Canal Authority (ACP) released first quarter (Q1) operational metrics today for fiscal year 2010. In Q1, Canal Waters Time (CWT), the average time it takes a vessel to transit the Canal (including waiting time for passage) significantly decreased. There also were increases in total transits and net tonnage. These metrics are based on operations from October through December 2009, the first quarter of the ACP's 2010 fiscal year, and are compared with Q1 of fiscal year 2009. CWT decreased 27.5 percent - to 20.29 hours from 27.97 hours. CWT for booked vessels, those ships holding reservations, also experienced a decrease of 20.7 percent - to 13.43 hours from 16.94 hours. Total Canal transits increased 2 percent - to 3,590 transits from 3,520. Transits of supers, larger ships that require greater time and navigation skills to transit the Canal, increased 8.1 percent - to 2,026 transits from 1,874. With regard to key segments, dry bulk and tankers transits increased, while transits of containers, refrigerated cargo (reefers) and vehicle carriers decreased. "In the first quarter of 2010, we saw an increase in a few key areas - particularly tonnage and transits - which point to a global economy slowly, but surely, recovering," said ACP Executive Vice President of Operations Manuel Benítez. "We will go into the remainder of fiscal year 2010 with slightly positive projections and expect sluggish shipping segments to show some recovery." Panama Canal/Universal Measurement System (PC/UMS) tonnage increased 3.5 percent - to 80.9 million PC/UMS tons from 78.2 million PC/UMS tons. The official accident rate declined 0.9 percent to 1.11 accidents per 1,000 transits from 1.12. An official accident is one in which a formal investigation is requested and conducted. Utilization of the booking system decreased 52.6 percent - to 43.1 percent utilization from 90.9 percent.   

PANAMA CITY (AP) Panama has made $4.75 billion from the Panama Canal since taking over operations a decade ago, more than twice what it received in the 85 years the United States operated the waterway, the operating authority said Wednesday. Thursday marks the 10th anniversary of the handover of the canal by the U.S., which opened the waterway linking the Atlantic and Pacific oceans in 1914. It is now run by an autonomous government agency, the Panama Canal Authority. "We have demonstrated to the world that we are not only able to operate the canal, but we can do it efficiently and with big benefits for the country," said the authority's head, Alberto Aleman Zubieta. "Today, we serve customers better." The canal charges ships fees for using the waterway, and income from those fees grew from $201 million in 2000 to $780 million in 2009. Panama received a total of $1.83 billion from the canal in the 85 years it was run by the U.S., according to the authority's report. The canal authority is spending $5.25 billion to widen the 50-mile-long (80-kilometer) canal by 2014, because the waterway is too narrow for today's larger freighters. (Editor's Comment: In case you're wondering, $4.75 billion divided by Panama's population of only 3.3 million people, works out to $1,439.39 for every man, woman, and child in the country. This number will grow exponentially once the program to expand the Panama Canal is completed in 2014. The Panamanian economy continues to grow and expand at a rate faster than the growth of population, so (in simplistic terms) over time there will simply be more money for each person. According to numbers from the International Monitary Fund in 2009 Panama's GDP per capital expressed in terms of Purchasing Power Parity (PPP) was $11,589, a number they projected to grow to $15,536 by 2014. The economic fundamentals are undeniable - as time goes on eventually Panama will become the richest country in Latin America, and practically nothing can stop that from happening, eventually.)   

Dia a Dia - Toll revenues from the Panama Canal increased 9.2% during fiscal year 2009 when compared to fiscal year 2008, reported a source today. Total Panama Canal toll revenue for fiscal year 2009 totaled $1.438 billion dollars, compared to $1.317 billion dollars for fiscal year 2008, said a source with the Office of Analysis of Marketing for the Panama Canal Authority (ACP). The Panama Canal runs on a fiscal year from 1 October until 30 September of the next year. According to the source in increase in 2009 fiscal year toll revenue, despite the global financial crisis, came as a result of toll increases applied 1 May to vessels transiting the waterway to finance the cost of the Panama Canal expansion project. The ACP also earned revenues from other services including the sale of water, electricity, and tug rental, among others. However, there was a decrease of 3.4% in the total tonnage movement compared with the previous period. The canal ended fiscal year handling 299 million tons of cargo.   

The Panama Canal Authority (ACP) has awarded a contract for insurance brokerage services to Willis. A statement says: “Beginning October 2009, the firm will provide strategic counsel, as the ACP chooses the best policies to cover property, floating equipment, loss of income and maritime contingencies, among others. The contract will be for one year with an option to renew for three additional years.” Willis is also the ACP’s broker for its Owner Controlled Insurance Program that includes the Third Party Liability and Construction All Risk coverage for the design and construction of the new set of locks and the fourth dry excavation projects under the Panama Canal Expansion Program. “Willis Limited has the industry experience and knowledge that we need. We are confident that their experience will help the ACP secure the most cost effective and competitive insurance plans. We look forward to working with our current and future insurers through Willis,” said ACP Executive Vice President for Administration and Finance Francisco J. Miguez. The statement says: “The ACP received three bids 4 September from top-level internationally renowned insurance brokerage firms vying for the contract. After careful review and thorough evaluation of the submissions, the ACP selected the firm with the lowest bid that met the contract’s objectives as described in the request for proposal released 4 August.   

By Andrea Jaramillo (Bloomberg) -- The Panama Canal Authority has begun to see “signs of recovery” in shipping traffic, including from freighters transporting cars, said Alberto Aleman, the authority’s chief executive officer. Aleman said he expects traffic in the fiscal year ending in September to total about 295 million tons, up from a previous range he had given of about 290 million to 295 million tons. Traffic in the 95-year-old canal totaled 310 million tons in 2008. Revenue this year will be “similar” to last year’s record $2 billion, Aleman said. “Amid the crisis, amid the recession, this is good,” Aleman, who’s run the canal since 1996, said in a telephone interview from Panama City. Car shipments have “declined as was to be expected given the problems that we’ve seen in the automobile industry worldwide but we’ve seen signs of recovery in this segment.”   

By Inti Landauro (Dow Jones) - The Panama Canal Authority invested $320 million since October 2008 in improvements to boost the canal's capacity to 40 ships a day, the authority said Friday in a statement. The investment includes an upgrade of the lighting system in the canal's locks, the acquisition of five new tugboats, and an additional tie-up station and other improvements, the statement said. Those investments are not included in the $5.25 billion expansion plan that will duplicate the canal's capacity by 2014 and to allow wider and longer ships to move between the Atlantic and Pacific oceans. The Canal Authority will finance the expansion with $2.3 billion worth of loans from five international lenders and the rest will come from canal-generated cash flow.   

By Peter T. Leach for The Journal of Commerce Online - In a concession to financially pressed shipping lines, the Panama Canal Authority will cut back some tolls and fees while giving carriers greater flexibility in reserving movements through the canal. But the canal authority also left in place new toll increases going into effect May 1, rejecting calls to put off the increases. The new fee structure starting June 1 will temporarily reduce tolls on largely empty containerships and charges for transit reservations. The canal authority said the temporary measures are “designed to help mitigate the impact of the crisis on the Canal’s clients.” Because of the global economic recession and the resulting slump in trade, the major global shipping lines and shipping organizations have been urging the canal authority to delay the toll increases that went into effect May 1. But a reduction in tolls on ships in ballast and in reservation fees from June 1 to Sept. 30 of this year are the only concessions the authority was willing to make. (more)    Click Here To Read The Full Article (404 words)

By Peter T. Leach for The Journal of Commerce Online - CMA CGM profit dropped by almost 87 percent to $124 million in 2008 from $966 million a year earlier as freight rates plummeted on all of its major trade lanes. The French carrier, the world’s third-largest by capacity, reported a 28 percent increase in revenue, which hit $15.1 billion, compared to $11.8 billion the prior year. Volume increased by 15.6 percent to 8.9 million containers from 7.7 million in 2007. “We managed to remain profitable in 2008 although it was obviously not as successful as 2007, which was an exceptional year,” said Rodolphe Saade, chief executive vice president of the Marseilles-based container line, in a telephone interview. "2009 will be a more difficult year, but the company is taking every step to reduce costs, and we have a massive program in place to recuperate the lost revenue,” he said. (more)   Click Here To Read The Full Article (557 words)

By María De Gracia for the Panama America - The Panama Canal could see lower income when the final numbers are in at the end of the current fiscal year ending in September 2009 due to the current global recession as a product of the international economic crisis. The income of the Panama Canal could fall just 5% for the fiscal year said Alberto Alemán Zubieta yesterday, the Administrator of the Panama Canal, on the program "Debate Abierto" aired by TVN Channel 2. The Panama Canal took in more than $2 billion dollars in fiscal year 2008, so a drop of 5% would represent about a $100 million dollar loss of revenue. Zubieta said during the program although nobody will be able to escape of the present commercial contraction, it will not be something greatly effecting the canal. He explained the Panama Canal has seen many crises, for example the Great Depression and World War II, and historically speaking when there are economic contractions they are eventually followed by corrections and improvements in the market, and he says that's what will happen with this crisis is over. "It is not that the Panama Canal will not see a reduction in the tonnage, because this will happen, but also one has to consider there has been an increase in tolls," said Zubieta. Canal Expansion: The Panama Canal Authority opened public bidding this month for the dredging to the Atlantic approach to the Panama Canal as part of the expansion program. The contract contemplates the underwater dredging of about 15 million cubic meters of material and 800,000 cubic meters of dry excavation.   Click Here To Read The Full Article (278 words)

Peter T. Leach/The JOURNAL of COMMERCE ONLINE - The Panama Canal Authority is sticking to its scheduled May 1 toll increase in the face of plans by some of the world's largest container lines to route their vessels the long way around the Central American isthmus. "We have scheduled the toll increases that were agreed upon after a long period of consultation with the industry in 2006," Rodolfo Sabonge, the canal authority's director of corporate planning and marketing, said in an interview. "We make sure that everybody knows long ahead of time what we're doing. That has a lot of stability for the shipping industry and the shippers themselves." (more)   Click Here To Read The Full Article (675 words)

Rick Eyerdam - Florida Shipper - French carrier CMA CGM has decided to bypass the Panama Canal on the homebound leg of its PEX2 service linking Asia to the Caribbean in favor of a longer -- but less expensive -- route around Africa's Cape of Good Hope. “Even after we add a tenth vessel of 4,000 TEUs to the PEX2 service, we will save more than $200,000 by returning to Asia by traveling east around Africa,” said Laurent Falguiere, vice president, Caribbean and Latin American Lines at CMA CGM Group, in a telephone interview from the company's headquarters in Marseilles. Asked if he was sending a message to the Panama Canal Authority, which will raise tolls on May 1 by 14 percent -- the second increase in two years -- Falguiere said, “It is not to pressure the Panama Canal Authority. It is a very pragmatic position that we are taking. The primary reason was to look at the costs, and you cannot just ignore these savings.” (more)    Click Here To Read The Full Article (324 words)

By DON WINNER for Panama-Guide.com - Apparently the Panama Canal Authority held a press conference yesterday in which they presented the traffic totals for 2008. As a result, now practically every news organization in the world is reporting that traffic through the Panama Canal dropped 12.9% from 2007 to 2008. In fact, this is not correct. In 2007 14,721 ships passed through the Panama Canal, and in 2008 a total of 14,702 ships went through, or only 19 ships less than in 2007. That represents a relatively tiny drop of only 00.129%, or just over one tenth of one percent. You can see where the "12.9% drop" error came from. Someone at the ACP did the math but they just didn't understand where to place the decimal point. In fact, if there had been a drop of 12.9% compared to 2007 traffic, then there only would have been 12,821 ships passing through in 2008. Expect the ACP to issue some kind of a statement to correct this error today. And, you're welcome.

Copyright 2008 by Don Winner for Panama-Guide.com. Go ahead and use whatever you like as long as you credit the source. Salud.   

Panama City, Feb 9 (EFE).- U.S. economic woes have influenced estimates of the Panama Canal Authority, which now forecasts a 5-percent drop in cargo tonnage going through the waterway in 2008-2009. The authority, known as the ACP, said that cargo transiting the canal will show a decrease close to 19.9 million tons, leaving a total of 294.1 million. ACP Marketing Director Rodolfo Sabonge told the press that the forecasts are nonetheless subject to the way the United States and other countries stricken by the world financial crisis manage to reactivate their economies. The ACP said that ship traffic going through the canal was also affected by high fuel costs and the devaluation of the dollar. The canal closed the 2008 fiscal year, which ended Sept. 30, with a total of 14,702 crossings, or 12.9 percent less than the previous year (wrong - see comments). But toll revenues in 2008 totaled $1.32 billion, an increase of 11.3 percent over the previous year. (See Comments)   Click Here To Read The Full Article (198 words)

By Randy Boswell, Canwest News Service - The head of NATO has cautioned the alliance's Arctic nations -- including Canada and the U.S. -- to stay united despite the growing potential for conflicts among NATO members over energy resources and shipping rights in the increasingly open waters surrounding the North Pole. "Responding to the changing environment, several Arctic Rim countries are strengthening their capabilities, and military activity in the High North has been steadily increasing," NATO secretary general Jaap de Hoop Scheffer told alliance officials attending a meeting in Iceland about the rapidly shifting geopolitics of the Arctic. "Although the long-term implications of climate change and the retreating ice cap in the Arctic are still unclear, what is very clear is that the High North is going to require even more of the alliance's attention in the coming years." (more)    Click Here To Read The Full Article (374 words)

By SHANEY HUDSON - Sun-Herald - My first glimpse was from above. We flew down the continental divide, banking left to reveal the Caribbean Coast, before the plane turned right towards the sprawling metropolis of Panama City. Container ships dotted the bay like rectangular polka dots. And that thin, dark zigzag cutting the country in two, joining the Atlantic with the Pacific, was the Panama Canal. Not only did the canal revolutionise shipping, its construction was a drama of epic proportions involving countries, personalities, war and the death of about 25,000 workers. I'd assumed the only way to navigate the canal was either as cargo crew or by booking a passage on a luxury cruise. However, an affordable alternative is a four-hour partial transit on the Pacific Queen, a 35-metre cruiser custom-built for day trips with lunch, drinks and a guide on hand. (more)    Click Here To Read The Full Article (713 words)

Tampa Bay Business Journal - by Larry Halstead Staff writer - There were no Pollyanna words of encouragement for shipping in 2009 at an American Association of Port Authorities conference Thursday. Richard Wainio, Tampa port director, said 2009 is going to be “a very difficult year.” James Brennan, partner with Norbridge Inc., a Concord, Mass.-based management consulting firm for the transportation and logistics industries, echoed that assessment. Brennan spoke to more than 100 shipping industry executives, representing ports and vendors around the world, at the Grand Hyatt Hotel in Tampa. Even with potential bailout money, there would be a lag of perhaps 18 months before any shipping industry infrastructure projects could be completed and provide benefits for the economy. Manufacturing inventories have risen since 2002 and any economic recovery would have to be predicated on companies working off those excess inventories, Brennan said. Brennan predicted it would be the first half of 2011 before the economy returns to normal, although it should begin to turn around in 2010. (more)   Click Here To Read The Full Article (243 words)

NEW YORK (AP) -- Drybulk shipping stocks leaped Friday as the rates for the biggest drybulk vessels on the seas hit their highest point since October. Capesize vessel rates jumped 20 percent Friday, Dahlman Rose analyst Omar Notka said, as excess vessels supply continues to shrink, driving up prices for remaining vessels. The cost to charter a Capesize vessel has leaped nearly 50 percent in the last week, he said. Capesize vessels are so named because they are too big to fit through the Panama or Suez Canals and must instead navigate around the Cape of Good Hope or Cape Horn to travel between oceans. "Other sectors of the market are more muted, but Capesize momentum is carrying through to some extent," he said. Two out of three other vessel classes posted minimal gains on Friday. Also Friday, Lazard Capital Markets shipping and logistics analyst Urs Dur raised his price target on drybulk company Diana Shipping Inc. to $17 from $14 and reiterated his "Buy" rating, suggesting the company is low-risk compared with its peers. In afternoon trading, Diana Shipping rose 77 cents, or 5.5 percent, to $14.91. DryShips Inc. gained $1.94, or 12.8 percent, to $17.07 and Danaos Corp. added 75 cents, or 7.9 percent, to $10.21.   

By Barry Turnbull, Liverpool Daily Post - Shipping lines and major ports like Liverpool are having to rethink their futures in the face of the credit crunch. The international shipping trade has been hit by the global economic slowdown that looks set to have a knock-on effect on the Port of Liverpool. Container traffic, in particular, is sharply down, which may have repercussions for Peel Ports’ plan for a £100m post-Panamax container terminal at Seaforth. Peel says it will take account of economic and financial conditions when it makes a final decision about the in-river engineering project in May. The company has obtained a Harbour Revision Order to enable the work to go ahead if the plan proves viable. Frank Robotham, Peel Ports marketing manager, said: “We are still doing detailed work on the engineering and costings, which won't be finished till next May. It is only then that we will look at the total costs and take a view on timescales. (more)   Click Here To Read The Full Article (981 words)

COLON, Panama, Dec. 31 (UPI) -- New nuclear threat detection technologies are currently operating in Panama after a recent agreement with the U.S. National Nuclear Security Administration. The United States and Panama recently reached an agreement that paved the way for the NNSA, in partnership with the Manzanillo International Terminal and others, to install advanced radiation detection systems at the Panama Canal's Atlantic and Pacific Ocean megaports, the NNSA reported. The ports, located at Colon and Panama City, are currently operating the scanning technologies to prevent the smuggling of illicit nuclear materials in cargo containers, as part of the Container Security Initiative. "We are working closely with the Panamanian National Customs Authority and with the private terminal operators in Panama to prevent nuclear terrorism and the proliferation of weapons of mass destruction," William Tobey, NNSA deputy administrator for defense nuclear non-proliferation, said in a statement. "The success of this project reflects a strong commitment and desire on behalf of the government of Panama to secure its ports from illicit trafficking in nuclear and other radioactive materials."   

By DON WINNER for Panama-Guide.com - According to the Panama Canal Authority (ACP), beginning Sunday, December 14, 2008, at 2000 hours through Friday, December 19, 2008, at 0400 hours, the east sidewall culvert of Gatun Locks will be out of service for the rehabilitation of three (3) rising stem valves. Although both lanes will remain in service, they will be served by single culverts during filling and spilling operations. Therefore, all lockages at Gatun Locks will consume more time than normal. As a result, "Condition 1.a" will be in effect from December 15, 2008 through December 18, 2008. In layman's terms, there are some slight restrictions in effect for the next few days. The Panama Canal regularly runs at or near peak capacity, and any "clogging of the arteries" so to speak generally translates into more ships waiting in the anchorages, and more total "canal waters" time for ships passing through. More demand than supply - that's generally a good thing. The Panama Canal generates a huge amount of money for the country of Panama every year. Because of this asset and with the expanded canal due to come on line in 2014, eventually Panama will become the richest country in Latin America. Just wait and see...

Copyright 2008 by Don Winner for Panama-Guide.com. Go ahead and use whatever you like as long as you credit the source. Salud.   

iht.com PANAMA CITY, Panama: Panama said its canal is open to all, including a Russian warship sailing through the transoceanic waterway on Friday. The destroyer Admiral Chabanenko is the first Soviet or Russian military ship to traverse the 50-mile (80-kilometer) waterway since World War II. The U.S. government has shown little concern about the destroyer's trip through a canal that was off limits to the Soviet Union during the Cold War. The destroyer's journey to the Western Hemisphere, however, reflects Russia's growing influence and anger with the U.S. for using warships to deliver aid to Georgia after its August war with Russia. Panamanian Foreign Minister Samuel Lewis portrayed the Russian canal crossing as business as usual. (more)   Click Here To Read The Full Article (235 words)

PANAMA CITY, Panama, October 24, 2008 – The Panama Canal Authority (ACP) announced its operational metrics for the 2008 fiscal year (FY 08) today. Year-end (October 2007 – September 2008) statistics reveal a marginal decline in total transits and tonnage when compared to FY 07. However, the Canal also experienced growth in core segments, most notably tanker and passenger transits. Total Canal transits remained fairly constant, with a slight decline of 0.1 percent – from 14,721 to 14,702 transits. Booked transits (excluding auctioned slots) increased 3.9 percent – from 7,857 to 8,167 transits. Panama Canal/Universal Measurement System (PC/UMS) tonnage decreased 1.1 percent – from 312.9 million PC/UMS tons to 309.6 million PC/UMS tons. (more)    Click Here To Read The Full Article (390 words)

By Wilfredo Jordán Serrano for La Prensa - The Panama Canal Authority (ACP) took in just over $2 billion dollars during fiscal year 2008 which concluded on 30 September. ACP Administrator Alberto Alemán Zubieta said that for the first time the Panama Canal surpassed $2 billion dollars of total income. The increases in income are attributed to increases in tolls applied by the ACP, and income was up even though fiscal year closed with 19 fewer transits than 2007 due to the financial crisis in the United States. (See Comments)   Click Here To Read The Full Article (423 words)

Maritime Global Net - PANAMA CITY, Panama, September 22, 2008 – Every year, approximately five percent of the world’s trade transits the Panama Canal and by 2010, the waterway expects that it will celebrate its one-millionth transit. Through continued modernization efforts, the Panama Canal Authority (ACP) has improved its services and increased capacity including the replacement of 50,000 feet of tow track, the integration of more powerful locomotives and an increase in its tugboat fleet. The tow tracks enable locomotive units, or "mules" as they are called, to move alongside transiting vessels, affixed by wire cables, to maintain a ship's position during passage through Canal locks. Replacing the tracks, therefore, increases the efficiency of transits at the Canal. The waterway operates 24 hours a day, 365 days a year, and since 1914, more than 8 billion long tons have crossed the Canal with a total of more than 957,600 transits. With service to more than 144 transportation routes across the globe, the Panama Canal continues to provide safe, reliable and efficient passage for all vessels.   

The JOURNAL of COMMERCE ONLINE - The Panama Canal Authority announced restricted transits Sept. 18-24 due to repairs to the west sidewall culvert of Miraflores Locks that began Tuesday. No more than eight "supers" may be booked for southbound transit and of these, no more than six with “full daylight-hour” restriction. Similarly, no more than seven supers may be booked for transit in the northbound direction, and of these, no more than five with “full daylight-hour” restriction. The total number of “full daylight-hour” restricted supers is limited to eight vessels per day. No more than four regular vessels may be booked for transit in the same direction. Of the six slots available for regular vessels, no more than two may be allocated to regular vessels transiting under restrictions.   

By Eric Sabo and Karla Palomo Sept. 16 (Bloomberg) -- Panama Canal traffic probably won't grow this year for the first time since 2002 as the slowing U.S. economy damps demand for imports, the waterway's operator said. Freight shipped in 2008 will total 312 million tons, the same amount transported last year, Panama Canal Authority Chief Executive Officer Alberto Aleman said yesterday in a Bloomberg Television interview. ``We are going to end the year flat,'' Aleman said. Aleman's traffic projection reflects the U.S.'s status as the largest customer for the waterway, 9 years after handing over the canal authority to Panama. China is the canal's No. 2 user, the authority has said. (more)    Click Here To Read The Full Article (201 words)