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One year ago, the expanded Panama Canal was inaugurated. The officials are more than satisfied with a performance, which »exceeded what was forecast«.

Panama Canal Administrator Jorge L. Quijano said: »The countless accomplishments set over the past year have surpassed even our o[ds_preview]wn expectations for the project.« According to the canal authority ACP, the performance has exceeded what was originally forecast. The executive see several »milestones«:

  • More than 1,500 Neopanamax vessel transits
  • Containerships represent approximately 51.3 % of traffic, followed by LPG and liquefied natural gas (LNG) carriers (31.5 and 9.1 %).
  • Panama Canal tonnage has increased by 22.2 percent, when comparing the 2016 and 2017 fiscal year.
  • A total of 15 out of 29 liner services that use the Panama Canal now employ Neopanamax vessels. The majority of these liner services connect ports in Asia and the U.S. East Coast.
  • On average, 5.9 vessels transit the Expanded Canal per day, surpassing original forecasts of two to three daily transits for the first year of operation.
  • More than 90 % of the global LNG fleet can now transit the waterway for the first time in history, the ACP says, opening a new market and allowing LNG producers in the United States to ship natural gas to Asia at competitive prices.
  • LPG traffic has grown exponentially since the inauguration of the Expanded Canal, quickly becoming the second biggest driver of Neopanamax traffic, accounting for 31.5 % of transiting vessels.

Together, these activities have led to a ripple effect on local and global economies, impacting the international shipping industry as ports worldwide continue to invest in their infrastructure to accommodate the influx in Neopanamax traffic from the Expanded Canal. Investment has been particularly prevalent among U.S. East Coast ports, which have experienced strong growth and broken cargo records.

Infrastructure plans

corozal terminal acp panama canal hansa
The planned Corozal Terminal (Source: ACP)

Similarly, the Panama Canal has experienced a record-breaking year of its own as it experienced both daily and monthly tonnage records thanks to the additional tonnage transported through the Neopanamax Locks. Today, the Panama Canal has various infrastructure projects planned »to provide greater connectivity and transshipment opportunities to the region«.

Specifically, the ACP has plans to concession a roll-on roll-off (RoRo) terminal to serve as a center for the redistribution of vehicles, machinery and heavy equipment; a 1,200-hectares logistics park to further strengthen the logistics services in the region; an LNG terminal on the Atlantic side of the waterway to provide LNG bunkering and redistribution capabilities; and the ACP will continue to advance plans for the Corozal Container Terminal.