- Panama Canal signed a Memorandum of Understanding (MoU) with the Port of Rotterdam on promoting international trade between the EU and the West Coast of South Africa.
- Both parties will be able to exchange expertise and knowledge on their technological capabilities.
- The MoU aims to implement digital tools and applications to enhance transport efficiency and cost reduction.
The Panama Canal and the Port of Rotterdam have signed a Memorandum of Understanding (MoU) to promote international trade between Europe and the West Coast of South America, reports Seatrade Maritime News.
Boost in Economic growth
Through this agreement, the two organisations will work closely to optimise operations while encouraging economic growth and the exchange of information on new business development opportunities, including logistics parks and port development projects.
Europe’s Largest port
The agreement comes at a period of continued growth for both the Panama Canal and Port of Rotterdam.
Last month, the Port of Rotterdam, Europe’s largest port—in 2018, the Port handled 468m tonnes of cargo, and celebrated a new transhipment record for the first six months of 2019 with 240.7m tonnes handled, marking a 3.4% increase compared to 2018.
New tonnage record
During the same month, the Canal set a new daily tonnage record of 1.70m Panama Canal tonnes (PC/UMS) on August 16, not long before welcoming the 7,000th neo-panamax transit since the inauguration of the expanded Canal in 2016.
What does the MoU promise?
The MoU is renewable after two years and will allow for both parties to share information on their technological capabilities, including the implementation of digital tools and applications aimed at improving transport efficiency and cost reduction.
Also, the agreement includes the exchange of market studies, transit data and modernisation plans, as well as joint training programmes, studies and marketing activities between the two parties.
Sustainable shipping
In addition to their roles as regional logistics hubs, the Port of Rotterdam and the Panama Canal share a commitment to sustainable shipping.
They have already collaborated closely through their work as members of the Global Industry Alliance (GIA), a public-private partnership initiative of the International Maritime Organisation (IMO).
Check on GHG emissions
The GIA, comprised of maritime industry leaders, works to improve energy efficiency and reduce greenhouse gas emissions in international shipping.
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Source: Seatrade Maritime News
