Revenue up 15% at Panama Canal

The Panama Canal has recorded a 15% increase in revenues for 2003, as containership traffic has bumped up the number of panamax vessels using the waterway.

Canal authority ACP said today revenue for fiscal 2003 ending September was $921m, up from $799.8m the previous year. The agency does not release profit figures.

A substantial increase in panamax tonnage was observed during the year, thought to be a result of sharp increases in containership traffic. Some 980 ships over 900 feet in length used the waterway in 2003, compared to 715 ships in fiscal 2000, said the ACP.

In total, tonnage on the waterway increased during the year3%, to 242.5m PC/UMS tons. The ACP said the growth was mostly attributable to the larger ships. The average time taken by ships to traverse the waterway fell to 23 hours, an unspecified improvement on 2002.

The canal underwent several capital improvements during the year, including the deepening of the Gatun Lake channel, the addition of new tugboats, an overhaul of the locomotive system, and the introduction of the Automatic Identification System (AIS) tracking program.

The ACP said safety had also improved during 2003. Twelve official maritime accidents were recorded out of a total of 13,154 transits - a 29% decrease on 2002. An official accident is one in which a formal investigation is requested and conducted.

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