THE Panama Canal Authority (ACP) has set its sights on attracting container shipping services engaged in the Asia-US east coast trade that currently use vessels too large to pass through the canal once its widened locks are opened in the second half 2016.
Speaking at SMC's annual JumpStart conference in Atlanta, the authority's executive vice president, finance and administration, Francisco Miguez, said the ACP is targeting two to four services that transit the Suez Canal. "The expectation is we will gain more share," he said.
The Panama Canal's Asia-US east coast market share is at 35 per cent, down from a peak of 57 per cent, reported American Shipper. At present, 33 services use the Panama Canal.
Mr Miguez said the canal authority's goal is to fill the capacity provided by the new locks as quickly as possible. He said the expectation is that shippers will have adjusted their supply chains to take advantage of bigger ships being able to fit through the wider locks within six months of the locks opening.
According to Mr Miguez, the new set of locks should be open for business early in the second half of 2016. He declined to give a more specific date.
WORLD SHIPPING
23 January 2016 - 07:58
Widened Panama Canal aims to win back market share from Suez Canal
THE Panama Canal Authority (ACP) has set its sights on attracting container shipping services engaged in the Asia-US east coast trade that currently use vessels too large to pass through the canal once its widened locks are opened in the second half 2016.
WORLD SHIPPING
23 January 2016 - 07:58
Widened Panama Canal aims to win back market share from Suez Canal
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