Panama Canal Administrator Meets with Industry Representatives

The Panama Canal Authority (ACP) Administrator Jorge L. Quijano met with the Union of Greek Shipowners, the International Association of Independent Tanker Owners (INTERTANKO) and the International Association of Dry Cargo Shipowners (INTERCARGO) this week in Greece.

These meetings are part of the discussions held with customers and industry representatives regarding the waterway’s toll structure once the expanded Canal opens to commercial transits.

“The dry and liquid bulk carrier segments are an important part of our core business,” Quijano said. “It is important for us to get direct face-to-face feedback from the industry representatives to ensure that our tolls and services remain competitive and are properly structured to reflect the commercial value of our route.”

A total of 14 percent of vessels that transit the Panama Canal are Greek-owned. Liquid and dry bulk carriers are two important segments for the Panama Canal, representing approximately 16 percent and 23 percent, respectively, of the total tonnage transiting through the waterway.

The Panama Canal also presented the new business initiatives that are currently under analysis to add value to route for its customers. Such developments include a port on the Pacific side, logistics parks, top-off operations for dry bulk carriers and bunkering stations to take advantage of the new liquefied natural gas (LNG) segment that will be able to transit through the Canal.

INTERTANKO is an open forum for independent tanker owners and operators of oil and chemical tankers in the industry. INTERCARGO is an association for owners, operators and managers in the dry bulk cargo industry.

The Expansion Program will build a new lane of traffic along the waterway through the construction of a new set of locks, which will allow the transit of vessels with more tonnage capacity. Currently, the Expansion Program is 64.6% complete.

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Press Release, October 10, 2013