Less congestion speeds Panama Canal transit time
Tonnage passing through the Panama Canal fell 3.3 percent to 75.7 million tons from 78.4 million tons during the fiscal year second quarter compared to the same period in 2008, the agency that operates the strategic waterway said Tuesday.
The tonnage figure is based on the volumetric capacity of vessels transiting the canal, not the exact amount of cargo they are carrying.
The decline in Panama Canal traffic underscores the overall weakness in global trade, especially to and from the United States. The vast majority of international shipments depend on ocean freighters. As demand for products has shrunk, carriers have idled vessels and consolidated services, resulting in fewer vessels at sea and using the Canal as a shortcut between the Atlantic and Pacific oceans.
The Panama Canal Authority said average vessel transit times improved during the quarter by 28 percent to 26.22 hours from 36.39 hours due to the decline in transits and improved productivity.
The number of vessels that used the canal declined by 57, or 1.4 percent, to 3,914 during the quarter.
Transits by general cargo, dry bulk and tanker vessels increased, while reefer, container, vehicle and passenger carrier transits decreased.
Tonnage fell 1.1 percent to 309.6 million tons during fiscal year 2008. Container tonnage was down to 124 million tons from 128 million tons.
The Panama Canal Authority media department did not respond to a request for statistics on container tonnage in the second quarter. ' Eric Kulisch
Less congestion speeds Panama Canal transit time
