NORTH AMERICA

Panama and Philly get together

17 years ago

The Panama Canal Authority (ACP) has had a hard time recently, given the level of investment needed for its expansion and the scarcity of ships in the present climate.

The tough operating environment was alluded to at the recent signing of a Memorandum of Understanding (MoU) between ACP and the Philadelphia Regional Port Authority (PRPA).

The MOU “comes at a critical time in the world economy,” said ACP Administrator and CEO Alberto Alemán Zubieta at the signing ceremony.

Both PRPA and the ACP are working on expansion projects to foster increased trade. PRPA is sponsoring a five- to seven-year project to deepen the Delaware River Main Channel from 40 feet to 45 feet, which will better position the port to accommodate the next generation of vessels that require deeper draughts.

The Panama Canal Expansion Program is building a new lane of traffic along the Canal through the construction of a new set of locks, which will double capacity and allow wider ships when completed in 2014.

It is hoped the MoU will help generate new business by establishing an agreement to promote the “All-Water Route”, a shipping route from Asia to the US East Coast via the Panama Canal.