According to a Safety4Sea report, cargo traffic via the Panama Canal increased by a less than expected 1% during this year, as the coronavirus pandemic affected global trade.
- According to the news agency, Xinhua, Panama Canal closed fiscal year 2020 with 475.1 million tons of cargo transit, up 1% in comparison to the cargo volume of the previous fiscal year.
- What is more, Panama Canal Authority (ACP) marked a 4% drop in tonnage compared to projections, and a 2% reduction in transits to add 13,369 compared to what was expected in its budget.
The ACP summarized that the effects of the slowdown caused by the pandemic were felt more on the interoceanic highway in the May-July period, with a reduction of around 20% in transits, mainly in the segments of passenger ships, porta -vehicles and Liquefied Natural Gas.
Normalizing Cargo Movement
- Transits and cargo movement began to normalize in August and September, the last two months of the fiscal year, which allowed to close with the total of 475.1 million tons.
- For the records, negative impacts were partially offset by increases in liquefied petroleum gas and bulk carriers, which beat forecasts by 27% and 21%, respectively.
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