Panama Canal extends pandemic relief

(Posted on 28/08/20)

As the COVID-19 pandemic continues to impact the global economy, the Panama Canal will extend its temporary relief measures to 31 December, 2020, offering further support for the industry's recovery.

This extension comes after continued dialogue between the Canal and industry leaders on how to best provide relief as the world looks to recover from the economic and social impact of COVID-19.

"Despite the challenges faced earlier this year, I am confident we will see a steady recovery going into our 2021 Fiscal Year for both the Canal and its customers," said Panama Canal Administrator Ricaurte Vásquez Morales. The waterway's fiscal year will end on September 30, 2020.

Implemented on May 4 and originally set to run until September 1, the relief measures include the suspension of advance payments for transit reservation fees and other changes to the waterway's reservation system. Together, they allow customers to maintain higher liquidity, as well as added flexibility for swapping or substituting booking slots among their own fleets.

"I am encouraged by the growth we are seeing for the container segment, though we are tracking changes in global trade flows vigilantly," said Deputy Administrator Ilya Espino de Marotta. "The extension of these measures underscores our commitment first and foremost to our customers."

Transits at the Panama Canal climbed from 845 in June to 933 in July, and August is showing a similar trend. The increase was largely driven by a surge in containership transits along the U.S. East Coast to Asia route.

The extension of the relief measures comes on the heels of the Canal's commitment to make the investments in order to secure a sustainable, long-term solution to water levels, furthering the waterway's operational reliability in the years to come.
The Panama Canal Authority is an autonomous legal entity of the Republic of Panama in charge of the operation, administration, management, preservation, maintenance, and modernization of the Panama Canal, as well as its activities and related services, so that the Canal may operate in a safe, continuous, efficient manner.

Latest News

Euroports secures long-term future in Venice with 25-year deal

Euroports has announced the renewal of the concession for Terminal Rinfuse Venezia (TRV) at Porto Marghera... Read more

Panama Canal promotes sustainable maritime shipping with NetZero Slot

Contributing to the commitment of achieving net zero emissions by 2050, the Panama Canal authority has... Read more

Saguenay Port brings electric-driven Konecranes Gottwald MHC to Canada

The Saguenay Port Authority in Quebec has ordered a Konecranes Gottwald ESP.6B Mobile Harbor Crane for... Read more

Cas König joins North Sea Port as new CEO

North Sea Port Supervisory Body has appointed Cas König as the port authority's new CEO. Kö... Read more

Inspirational leader, Trois-Rivières Port President and CEO, Bovin to retire this year

After 19 years at the helm of the Port of Trois-Rivières and a career rich in major projects,... Read more

State-of-the-art cranes for Egyptian multipurpose cargo terminal

Abu Dhabi based AD Ports Group, an enabler of integrated trade, transport and logistics solutions, has... Read more

Call for swift implementation of Europe’s Clean Industrial Deal

The Port of Rotterdam and Port of Antwerp-Bruges have welcomed the Clean Industrial Deal, through which... Read more

Canadian Government invests $87.1M in Trois-Rivières Terminals project

The Canadian Port of Trois-Rivières is delighted to have received major funding of $87.1 million... Read more

Katoen Natie invests in four all-electric Konecranes Gottwald MHCs

Belgian logistics giant Katoen Natie has ordered four all-electric Konecranes Gottwald Mobile Harbor... Read more

AD Ports reports another year of record results

AD Ports Group, Abu Dhabi based enabler of integrated trade, transport and logistics solutions, has... Read more