THE Panama Canal hopes to retain the increase in container volumes from Asia it gained from shippers diverting cargo from the congested terminals of the west coast to the strife-free ports of the US east coast.
"There's definitely going to be some shifting from the west coast to the east coast through Panama, which may become permanent," said Panama Canal administrator Jorge Quijano.
"We are not getting more ships, but what we have seen is more loaded containers. Carriers are loading more containers on their ships to the east coast," he said.
After the 2002 west coast lockout, shippers diverted cargo through Panama and much of it never returned as ports like Savannah, Georgia, promoted themselves as "Asian ports" based on the volumes handled.
"I think that any changes to the carrier networks would probably stay for now," said Morgan Stanley analyst Doug Hayes in London, reported Newark's Journal of Commerce.
Although the Suez Canal captured all of the increase in postpanamax container traffic diverted to the east coast from Asia, the Panama Canal saw big increases on the 10 all-water services.
Asia-US east coast spot rates have enjoyed sharp increases with mid-February prices almost double that of last year's.
WORLD SHIPPING
26 February 2015 - 21:32
Panama hopes to keep diverted box increase flowing through canal
THE Panama Canal hopes to retain the increase in container volumes from Asia it gained from shippers diverting cargo from the congested terminals of the west coast to the strife-free ports of the US east coast.
WORLD SHIPPING
26 February 2015 - 21:32
Panama hopes to keep diverted box increase flowing through canal
This news 5513 hits received.
These news may also interest you