Business

Canal revenues up, transits down slightly

VÍCTOR AROSEMENA/LA PRENSA

Faster: During the first quarter of fiscal year 2007-2008, it took less time for ships to transit through the Canal, or just over 24 hours.977228

In the first quarter of fiscal year 2008, income from Panama Canal tolls totaled $319 million, which represents an increase of 8.43% over the same period in fiscal year 2007, even though there were 59 fewer transits.

The total number of tons that moved through the Canal decreased 1.97 percent, falling from 80.4 million tons in the first quarter of 2007 to 78.9 million in same period of 2008.

Revenues from container ships increased 9.1 per cent for a total of $172.7 million, although there was a slight decline (0.97 percent) in the number of 20-foot containers on the waterway.

The Autoridad del Canal de Panamá (ACP) reports that the reduction in container transport results from the U.S.'s current economic problems, such as the real estate crisis, the contraction of credit, high fuel costs and the devaluation of the dollar. The U.S. is the Canal's principal client, and there is less demand there now for manufactured goods that otherwise would have been transported by way of the Canal.

The U.S. mortgage crisis also had an impact on the dry bulk segment during the first quarter of 2008, according to the ACP. Revenues from tolls decreased $3.5 million, and there were 60 fewer transits. With the oversupply of new homes, imports of construction materials, especially cement and clinker have dropped notably.

However, the bulk liquids segment showed a significant increase in transits, tonnage and tolls. Revenues rose 31.81 percent for a total of $30.5 million. Demand for gasoline in the United States, Mexico and Chile is responsible for the upward movement.

Ships transporting vehicles also contributed to the increase in revenue from tolls, posting an increase of 5.2 percent for a total of $31.6 million due to a resurgence of vehicular flows toward the east coast of the U.S.

Revenue from tolls for passenger ships grew 14.7 percent, or $11.2 million, although the number of cruise ships stood at 72, the same figure for the first quarter of fiscal year 2007. The increase resulted from a change in the payment system, which now applies at berth.

The traffic statistics recorded in the first quarter of fiscal year 2008 are above the ACP's usual conservative forecasts. The levels of growth are greater than expected, too.