Panama Canal 2019 Q1 revenue rises by $56.7m

Panama Canal
PHOTO: Panamatoday

The Panama Canal’s revenues rose by USD56.7 million in the first trimester of this year, compared to the same period in 2018, according to preliminary statistics.

The National Statistics and Census Institute (INEC) informed that USD1.274 billion were raised during the above-mentioned period by concept of toll payments from 7,392 ships that used the canal, and that result was achieved amid the reduction of commerce between the United States and China due to their bilateral trade dispute and the world’s economic uncertainty.

When braking down revenues from January to March, the INEC warned that there was a slight reduction in the number of Panamax ships (the size of the traditional locks), while 680 Neopanamax megaships used the enlarged canal, accounting for 11.7 percent more than in the first trimester of 2018.

On April 23, the number of 6,000 ships that crossed the new locks since they were inaugurated on June 26, 2016, was achieved, thus reaffirming the impact of the canal on production chains and international maritime trade.

More than 50 percent of the Panama Canal’s traffic consisted of container carriers, followed by 26 percent of tankers carrying liquefied gas from oil, and 11 percent of vessels laden with liquefied natural gas, among other ships.

Last year, the Panama Canal closed its 2018 fiscal year with total revenues of $3.171 billion, 9.5 percent more than in 2017, and set a record in the volume of cargo, totaling 442.1 million tons.