Panama Canal Steers Through Trade Shifts
The Panama Canal anticipates increased transits of LPG vessels and agricultural carriers to counteract a forecasted decline in global trade. Despite a 14% revenue rise and a 19% increase in transits last year, the canal expects reduced cargo volumes this fiscal year.
- Country:
- United States
The Panama Canal is positioning itself to navigate anticipated changes in global trade dynamics. According to the canal's chief executive, an increase in transits of liquefied petroleum gas (LPG) vessels, as well as carriers of select agricultural commodities, is expected to help mitigate the expected downtrend in worldwide trade volumes next year.
In the past fiscal year, ending in September, the canal, noted as the world's second busiest waterway, reported a substantial 14% increase in revenue, reaching $5.7 billion. The waterway also observed a 19% surge in transits.
Nevertheless, despite these gains, the Panama Canal is bracing for a potential decrease in the total tonnage of cargo it will handle this fiscal year, reflecting broader shifts in global trade patterns.
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