BRIEFS: Maritime

U.S. economy will continue to affect Canal

Economic analysts predict that the effects of the U.S. economic slowdown on the Panama Canal will be felt for the next two or three years. The U.S. is the principal country of origin and destination for containerized cargo shipped via the waterway.

Between Oct. 2007 and June 2008, the total number of tonnage on the Canal dropped from 238 million to 235 million. Ship transits fell, too, from 11,347 to 11,309 during the same period.

Revenues rose 10.8 percent however, from $874.80 million to $969.47 million because of an increase in certain fees.

Rodolfo Sabonge, the head of research and marketing for the Autoridad del Canal de Panamá (ACP) believes that business will only increase in the future, and for that reason it may be be necessary to construct a fourth set of locks, in addition to the third set already planned for the current Canal expansion.

“All things considered, we see that most of the flow [of goods] to the East Coast of the United States will require the Canal,” Sabonge said.

The high cost of fuel is one of the factors affecting the shipping business, the president of the Cámara Marítima de Panamá, Rubén Karamañites, confirmed. Shipping companies have have to be creative in finding ways to reduce costs.