Panama Canal Transits Down in Second Quarter
Thursday, July 30, 2009 9:52
Panama Canal Transits Down in Second Quarter
Both the transits of vessels and tonnage through the Canal have decreased during the second quarter of 2009. The months of April, May and June recorded a decrease in vessel transits of 6,4 percent or 3,576 vessels, 245 vessels less than that of the same period in 2008. In terms of the tonnage transiting the Panama Canal, a decrease in 4,6 percent, 3,5 million PC/UMS less than the same period last year.
The Panama Canal Authority, who released the data in July, claims that despite the slightly decreased traffic, the Canal remains a competitive trade route for international and regional shipping for world trade. Although the global economy has experienced the sluggish activity, the Canal still offers value within the supply and logistics.
The larger vessels, commonly referred to as “supers”, who require more time to transit the canal also showed a sign of decline, although this was limited to 1,5 percent or 1,815 vessels transiting in the preceding quarter.
The ACP in their analysis of the cargo passing through the canal reported an increase in both oil and dry bulk, whilst general cargo and containers had slightly declined. With the slight decline in traffic, the waiting times for transit had been substantially reduced, reported the ACP; transit and waiting time had reportedly fallen by almost 50 percent, with this time dropping from 38,31 hours to 19,96 hours for transiting the canal.
The reservation system, which allows for quicker transiting time, was also reportedly done, by over 42 percent. The result was the ships within the reserve system experienced a 26,5 percent reduction in waiting and transit time. This transit and waiting time was reduced to 14,53 hours. The ACP predicts a continued slow down of traffic until the global economy revives and trade begins to pick up again. In the meantime the Panama Canal Expansion program is well underway, with the expected completion date being 2014.
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