Gigantic Figures for the Fiscal Year 2016 and Different Factors for Major Growth
The 2016 fiscal year is about to close and according to Panama Canal Authority (ACP), it recorded the third-highest annual tonnage in its history. The figures tell that there is cargo shipments of 330.7 million tons transferred through Panama Canal from 13,114 vessels from 1st Oct-15 to 30th Sep, 2016.
Amongst these 13,114 vessels, the 238 vessels were neopanamax vessels which took advantage of the newly opened expanded canal within three months of its operations having the transfer weight of 18.2 million PC/UMC.
What Did Panama Canal Administrator Say?
Jorge L. Quinjao, the administrator said, “Despite the international shipping downturn this past year, we recorded one of the highest annual tonnage figures since the opening of the original canal 102 years ago. The latest success reinforces the continued strategic importance of the route and the growing value that recent investments in the canal will bring to the maritime industry.”
According to his statement, the Panama Canal Management is happy on this massive cargo growth in Africa and South America which took them on to the third spot of the Annual Cargo Tonnage.
Main Factor of Growth
According to the analysis done to monitor the flow from where the traffic came, it showed that the container segment continued to be leading foundation of Panama Canal traffic. After the accountability, it presented that there is a total of 36% growth from this segment which total cargo received.
At the total figures, 119.6 million container vessels contributed transit through the waterway in which 13.4 million PC/UMS are transferred through the expanded canal.
LNG Segment
There is another factor of this mighty growth and that was the introduction of the Liquefied Natural Gas (LNG) during the ending months of 2016 fiscal years. The figures showed that the LNG contributed the total transit of 1.5 million PC/UMS and surpassed initial Panama Canal forecasts.
Future Predictions for Panama Canal
Taking in mind, the cargo gurus are of the view that in the coming 2017 fiscal year, the Panama Canal will continue its way on enhancing the sea cargo transit by advancing the projects such as Corozal Container Terminal, which is currently an ongoing process.
