Wednesday, October 20, 2010

PANAMA CANAL AUTHORITY closes Fiscal Year 2010, summary by Juliette Passer


Article from La PRENSA Newspaper in Panama City
PANAMA CANAL AUTHORITY closes Fiscal Year 2010 with
US $1,482 million revenue

On September 30, the Panama Canal Authority (ACP) closed the Fiscal Year with the total of 300.7 million tons of cargo handled, totaling $1,482 Million revenue. ACP administrator Alberto Aleman Zubieta stated that this figure represents only tolls and does not include other operations like the sale of electric energy and drinking water.

There was a growth of 1.6 million tons of cargo compared to the same period last year according to the Universal System of the Monitoring Ships in the Panama Canal. Aleman Zubieta said that he was very pleased with having surpassed three hundred million tons in a difficult year for world economy.

In 1914 during the first year of operations, the Canal registered 1108 transits, about 3 ships a day. The most transits effected was in 1970 with 15,523.000 tons, an increase attributed to the Vietnam war - at present the Canal averages 14,000 transits annually, while the size of the ships has increased. Several important world events have affected the Panama Canal. First there was the Great Depression of 1929; afterwards between 1939 to 1945 operations diminished drastically because of the Second World War. During the 1980s there was an increase of up to 200,000 tons because the of the oil shipped from Alaska. When the Alaska pipeline was opened, this figure went down to 160 million tons.

Summary by Juliette Passer, Esq. and Mario Talavera

Trust experience and knowledge.TM

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