Passenger, dry bulk transits up - Total transits decrease slightly

The Panama Canal Authority (ACP) released second quarter (Q2) operational metrics for fiscal year (FY) 2008. Total canal transits and tonnage dropped slightly in Q2, but transits of passenger and dry bulk segments increased significantly. These metrics are based on operations from January through March 2008, the second quarter of the ACP’s 2008 fiscal year, and are compared with Q2 of FY 2007.

Total canal transits decreased 2 percent during Q2 from 4,053 to 3,971 transits. Panama Canal/Universal Measurement System (PC/UMS) tonnage also dropped 2.6 percent from 80.4 million PC/UMS tons to 78.4 million PC/UMS tons. Passenger transits increased 34.8 percent from 92 to 124 transits while dry bulk transits rose 6.7 percent, from 586 to 625 transits, and dry bulk cargo tonnage increased 10.4 percent, from 12.3 to 13.5 million PC/UMS tons.

“The ACP is on strong operational and financial footing, and we anticipate continued steady progress with the Canal Expansion Program and other modernization projects. Work is advancing on-time and on-budget, and, in fact, some projects are moving ahead of schedule,” said ACP Vice President of Research and Market Analysis Rodolfo R. Sabonge. “The slight drop in total transits and tonnage during the second quarter can be attributed in part to the slowdown in the U.S. economy and the subsequent decrease in cargo shipments to and from U.S. ports. <Korea Shipping Gazette>