Panama Canal chief tells Singapore: Expansion will boost world trade
PANAMA Canal Administrator Jorge Quijano has told maritime industry leaders that the expansion of the canal will open new opportunities for global trade.
Speaking at the Sea Asia 2013 conference held in Singapore, Mr Quijano said: "We believe the expanded Canal will have a significant impact in many segments of the market. Most importantly, it will foster the growth of foreign trade of user countries through the Panama route.
"In the case of containerships, carriers will be able to deploy vessels of up to 13,200 TEU through the Canal, allowing carriers to reduce their operating costs and carbon emissions, as well as provide a more timely delivery of goods," he said.
The canal administrator also highlighted the importance that the Panama Canal Expansion would have in the Asia-Latin America trade. "In the future, we foresee trade growing between Asia and Latin America, where Panama also has a significant competitive advantage due to its unique geographical position at the nexus of the Americas.
"With East Asia sourcing more and more raw materials out of Latin America, in particular coal and iron ore, the expanded Canal will offer enormous new opportunities."
In addition, Mr Quijano pointed out that the US$5.2 billion expansion project will transform Panama to become a major transshipment hub. The expansion programme involves building a new lane of traffic along the waterway through the construction of a new set of locks to double the waterway's capacity and satisfy the increasing demand of world maritime trade.
Others taking part in the discussion included Mohammed Al Muallem, senior vice president and managing director, UAE Region, DP World; Masamichi Morooka, chairman, International Chamber of Shipping and president and CEO, NYK-Hinode Line Ltd; and Dr Jubara Al Sureisry, Minister of Transport, Kingdom of Saudi Arabia. The session was chaired by Chris Hayman, chairman of Seatrade.
PANAMA Canal Administrator Jorge Quijano has told maritime industry leaders that the expansion of the canal will open new opportunities for global trade.
Speaking at the Sea Asia 2013 conference held in Singapore, Mr Quijano said: "We believe the expanded Canal will have a significant impact in many segments of the market. Most importantly, it will foster the growth of foreign trade of user countries through the Panama route.
"In the case of containerships, carriers will be able to deploy vessels of up to 13,200 TEU through the Canal, allowing carriers to reduce their operating costs and carbon emissions, as well as provide a more timely delivery of goods," he said.
The canal administrator also highlighted the importance that the Panama Canal Expansion would have in the Asia-Latin America trade. "In the future, we foresee trade growing between Asia and Latin America, where Panama also has a significant competitive advantage due to its unique geographical position at the nexus of the Americas.
"With East Asia sourcing more and more raw materials out of Latin America, in particular coal and iron ore, the expanded Canal will offer enormous new opportunities."
In addition, Mr Quijano pointed out that the US$5.2 billion expansion project will transform Panama to become a major transshipment hub. The expansion programme involves building a new lane of traffic along the waterway through the construction of a new set of locks to double the waterway's capacity and satisfy the increasing demand of world maritime trade.
Others taking part in the discussion included Mohammed Al Muallem, senior vice president and managing director, UAE Region, DP World; Masamichi Morooka, chairman, International Chamber of Shipping and president and CEO, NYK-Hinode Line Ltd; and Dr Jubara Al Sureisry, Minister of Transport, Kingdom of Saudi Arabia. The session was chaired by Chris Hayman, chairman of Seatrade.