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Panama Canal's Economic Performance, and Funds Transfers to the Government

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Canal gives record $1.703 billion to State

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Jorge Luis Quijano
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A record  $1.703 billion contribution to the State, by  The  Panama Canal Authority (ACP), was approved by the Board of Directors on Thursday, December 13.

“It was a year of many challenges that could be overcome with a growth in tonnage,” said administrator Jorge Luis Quijano,

The contribution comes from  $1.199 billion of surplus for the fiscal year 2018, which closed on September 30, plus  $502  million of transit tonnage and more than  $2 million for services rendered to the Canal.

The figure represents an increase of $44 million compared to the budgeted contribution and was an increase of  $53 million on the previous contribution.
 

https://www.newsroompanama.com/news/panama/canal-gives-record-1-703-billion-to-state

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Panama Canal revenues up 9.1%

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Postpanamax ships using new locks
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Panama Canal revenues climbed 9.1 percent to $2.082 billion between January and October, up from  $1.908 billion in the same period of 2017, according to official statistics released Monday. 

October was the month with the best performance in the period, with revenues of $217.68 million2.74% more than the $211.76 million in September

In the first 10 months of this year the Canal, which accounts for around 6% of world trade, recorded a total of 11,504 transits, 0.89% more than the 11,401 of the same period of 2017.

Between January and October, 2,160 transits were made by Neopanamax vessels through the new Canal locks, 31.2% more than the 1,646 in the same period of 2017.
 

https://www.newsroompanama.com/business/panama-4/panama-canal-revenues-jump-9-1-percent

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Panama Canal revenues grow 8.5% in 2018

Wed, 02/06/2019 - 16:39

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Panama Canal revenues totaled 2,513.2 million dollars in 2018, 8.5% more than the 2,316.3 million of the previous year, according to figures from the Institute National Statistics and Census (Inec) released on Wednesday.

The revenue increase of 2018 is less than the 17.6% of the previous year, a performance deemed extraordinary by the Panama Canal Authority (ACP), which was the product of the full operation of the extension of the road, which entered service to mid 2016

Regarding the results of 2018, the preliminary figures of the statistical entity specify that last December was the month with the highest revenues for the interoceanic route, with 220.8 million dollars, 2.8% more than in the same period of 2017.

But the biggest monthly rise was recorded in May, with 16.1% of total revenues of 216.5 million dollars compared to 186.5 million dollars in the same month of 2017, said the Inec.

The transit of ships through the Canal, where about 6% of world trade passes, came in 2018 at 13,692, 0.2 percent more than the 13,666 the previous year, indicated preliminary official data.

For the new interoceanic canal locks, which give way to ships with triple the load that crosses them through the centennial canal, a total of 2,643 high-draft transits were recorded, above the 2,025 of the previous year.

The ACP approved last December to deliver to the Panamanian State 1,703 million dollars corresponding to fiscal year 2018, a "historic" contribution for the public coffers, and 53 million dollars higher than the one granted the previous year.

The administrator of the channel, Jorge Luis Quijano, explained then that it was foreseen to deliver to the National Treasury 1.659 million dollars, but that another 44 million were added due to the "spectacular" performance of the interoceanic route during fiscal year 2018.

"This year is a record year and for the first time we passed the barrier of 1,700 million dollars in contributions to the State", said the top manager of the interoceanic highway, which connects more than 140 sea routes and 1,700 ports in 160 countries.

The Panama Canal reported Wednesday that it has been applying water saving measures for several months in the face of the possibility of the dry season lengthening and aggravating the El Niño weather phenomenon, which causes severe droughts and whose effects in Central America were especially serious in 2016.

"The Panama Canal Authority, since before (the beginning of) the phenomenon of El Niño in November, implemented a program of water conservation in the locks", said the Executive Vice President of Environment, Water and Energy of the interoceanic route, Carlos Vargas.

The program, the executive explained, includes "cross-flooding of locks", "intensive use of tubs" and the temporary closure of a hydroelectric plant in the canal "to prevent that water leave the system".

The interoceanic road, through which passes about 6% of world trade, operates with lock systems at different levels, which require 202,000 cubic meters of water each time a ship passes.

 

https://www.panamatoday.com/economy/panama-canal-revenues-grow-85-2018-9176

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