Panama Canal notes gains on anniversary

Panama Canal notes gains on anniversary Seven years after the handover of Panama Canal management from the U.S. to the Panama Canal Authority (ACP), canal officials note the increasing importance of the canal to international trade and looked ahead to its upcoming expansion.
   “We understand the importance of the canal, its services and the ‘all-water route,’ and are doing our best to serve our customers,” ACP Administrator/CEO Alberto Alem'n Zubieta said Wednesday. “Our vision for the future is clear: to continue the legacy of this waterway and ensure efficient, safe and reliable service for years to come.'
   The handover occurred on December 31, 1999.
   A statement marking the anniversary pointed out that Panamanian voters' approval of canal expansion plans last October will lead to the construction of a third set of locks, allowing canal capacity to double. That project will be completed in 2012 or 2013, officials say.
   Canal officials said 2006 was the safest year in the history of operations, with only 10 accidents, matching a record first set in 2004.
   The ACP has invested $1.5 billion in improvements since the handover through its Permanent Modernization Program, allowing an increase in throughput. Since 2000, container volumes moving through the canal have more than doubled.