Panama Canal Posts New Record Highs, Seeks Streamlining

The Canal of Panama concluded fiscal 2005 with a record traffic of 14,011 vessels equivalent to 279,1 million tonnage, a 4,6 percent increase over the previous year, reported Alberto Aleman, CEO of the Canal Authority.

The largest chunk of the volume was containers, bulk carriers and vessels over 900 feet long with deep draught, representing 12,648 crossings, 130 more than in 2004.

“The results fill us with pride particularly because once again they show Canal workers know how to face challenges to our organization, always concentrating efforts in improving the reliability of the service we offer the maritime industry which has chosen our route”, added Mr. Aleman.

Mr. Aleman warned that viability assessment plans have still to be finished but Panamanian president Martin Torrijos assured that a referendum will be called next year to decide whether the expansion and streamlining plans can go ahead.

Any changes in the structure of the Canal must be consulted according to the Panamanian constitution. If the referendum is positive, an estimated $8 billion will have to be invested in the undertaking.

The Canal, built between 1904 and 1914, is managed by Panama since December 31, 1999, following the 1977 agreement between former Presidents Omar Torrijos and Jimmy Carter.