Transit of ships through Panama Canal and toll revenues are recovering

RIO DE JANEIRO, BRAZIL – The transit of ships through the Panama Canal and toll revenues are recovering, after the decline that occurred in 2020, as a result of the blockade to trade caused in many countries to prevent the contagion of Covid-19, according to preliminary figures of the Comptroller General of the Republic.

From January to August 2020, the transit of vessels through the important interoceanic waterway recorded an increase of 4.5%, after having fallen by -8.6% in the same period of 2020, amid the pandemic crisis.

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In 2019, an increase of 0.5% was reported, and in 2018, growth was 1.2%, according to statistics from the National Institute of Statistics and Census (INEC) published by the Comptroller General’s Office.

In actual figures, as of August 2021, some 8,955 vessels crossed through the Panama Canal, of which 6,464 were Panamax vessels and 2,491 were neo-Panamax vessels.

TOLL REVENUES

This improvement, in turn, has been reflected in Canal toll revenues. Thus, through the eighth month of this year, the Canal reports US$1.971 billion in toll revenues, representing a 14.4% growth compared to 2021 and previous years.

From January to August 2020, the Canal’s toll revenues suffered a drop of -0.4% due to the collateral effects caused by the worldwide Covid-19 crisis. While in 2019, they grew by 4.5%, and in 2018 they increased by 9.8%.

In the period through August 2021, there is also a significant increase in net tonnage (13.1%) and cargo volume (15.6%).

It is worth noting that 6% of world trade passes through the Panama Canal. Since last April, it has been carrying out a restructuring plan that simplifies its booking system and implies an increase in the rate of these and maritime services, due to the growing demand, without changes in the cost of tolls.

The purpose, as explained by the Canal Administration (ACP) in a press release, is better “to respond to the continuous changes in the market and manage capacity in the face of growing demand.”,

The Panama Canal’s fiscal period runs from October 1 to September 30.