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At the close of the fiscal year 2016 the P[ds_preview]anama Canal has achieved its third highest tonnage in history. 330.7 mill. t were transported via the canal.

According to the Panama Canal Authority (ACP) a total of 13,114 transited the waterway during the fiscal period from October 1, 2015 to September 30, 2016. Of these, 238 were Neo Panamax vessels that took advantage of the newly opened Expanded Canal during the first three months of its operation, accounting for 18.2 mill. Panama canal tons (PC/UMS).

Expanded Panama Canal Inauguration

The past fiscal year saw a number of important milestones for the Panama Canal, the most significant of which was the June 26, 2016 Inauguration of the Expanded Canal. The first transit of a Neopanamax vessel was the »COSCO Shipping Panama«. Because of the new lane the canal’s cargo capacity could be doubled it‘s said. The construction took more than nine years. Furthermore the commitment by the canal was renewed to provide the maritime industry with the safest, most reliable and efficient service possible.

Since opening, the expanded Canal has seen major liners redirect service to the waterway to take advantage of the route’s significant time savings ACP stated. Thus far, nine Neopanamax liner services have been deployed through the new locks, primarily on the U.S. East Coast to Asia trade route. Next month, an additional Neopanamax liner service is expected to follow suit, further demonstrating the benefits provided by the new waterway.

Performance by Segment

Analysis shows that the container segment continued to be the leading source of canal traffic, accounting for more than 36 % of the total cargo received. In total, container vessels contributed 119.6 mill. PC/UMS transited through the waterway, including 13.4 mill. PC/UMS that passed through the expanded canal. The next leading segments by tonnage were bulk carriers (65.6 mill. PC/UMS), tankers (55.0 mill. PC/UMS) and vehicle carriers (46.7 mill. PC/UMS).

LNG carriers

Another notable milestone was the introduction of the liquefied natural gas (LNG) segment during the final months of FY16. LNG carriers—which can now transit the waterway due to the Expanded Canal’s wider, longer and deeper locks—contributed 1.5 mill. PC/UMS and surpassed initial Panama Canal forecasts.

Positioning the for the future

While the Panama Canal has made a major impact in FY16, this is merely the beginning of an exciting new chapter for the ACP. In FY17, ACP expects that the waterway will continue its focus on enhancing the logistics infrastructure in Panama. Responsable for this are advancing projects such as the Corozal Container Terminal, which is currently in the bidding stage.