NORTH AMERICA

PCA under pressure to halt rate increases

18 years ago

In 2008, the Panama Canal Authority registered record revenue of more than $2bn, but this was based on fewer deep draught vessels using the facility and a 1% fall in cargo traffic over 2007.

Shipping lines are currently attempting to persuade the authority to postpone tariff increases slated for 2009. The Suez Canal is similarly under pressure, given that piracy is forcing many lines to switch routes and access Europe via the horn of Africa instead.