Panama Canal Reports Growth and Development

Last week, further good news for Panama’s development emerged – the Panama Canal has hit record-high revenues in 2008.

The 2008 income for the Panama Canal Authority hit a record high of 2.007 billion dollars, with the fiscal year ending September 30, 2008.

According to numbers by the PCA, the numbers for 2008 were up 14% from 2007, which resulted in income of 1.76 billion dollars.

The Panama Canal Authority’s Vice-President of Canal Operation, Manuel Benites, has reported that the organization is doing surprisingly well considering the global fiscal crisis. According to Benites, the Canal reported increases in passenger vessel transits up 17.6%.

Further growth is anticipated due to the increased time required for ships to cross the Canal, which measures 80 kilometers. Current wait time for cargo ships is 31.55 hours, up from 27.84 hours in 2007. The PCA credits the wait time to maintenance on botht he Pedro Mighel and Miraflores locks. On a brighter note – the number of accidents fell from 1.09% to .68% per thousand transits.

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