Panama canal reported a 21% drop in crossings amid pandemic with 260 cancellations of crossings, reports APNews.
Slashed economic activity
The coronavirus pandemic has hurt international trade and economic activity around the globe.
The Panama Canal reported a 21% drop in the number of ships crossing the waterway in May amid the coronavirus pandemic, compared to projections for traffic.
Cancelled crossings
According to canal administrator Ricaurte Vásquez, 260 crossings were cancelled while just 937 ships used the canal last month.
- 119 of the cancellations involved giant LNG and LPG tankers that were to have carried liquified gas, mostly from the United States to Asia.
- Crossings by cruise ships and car carriers also declined.
Slow traffic recovery
The coronavirus pandemic has hurt international trade and economic activity around the globe. Vásquez said recovery in traffic might be slow, but some analysts predicted a more rapid rebound.
“It will be able to recover rapidly because the world’s reactivation depends on the reactivation of trade,” said analyst José Isabel Blandón Sr. “And in the reactivation of trade, the United States needs Panama, China and South America need Panama, and Europe, too.”
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Source: APNews
