Even when the revamped and enlarged Panama Canal is fully functioning and handling the new breed of supersized container ships, it is unlikely to recapture its glorious boom years, its chief admitted in an interview published on Monday.
Jorge Quijano, chief of the Panama Canal Authority, told the UK’s Financial Times newspaper that changing patterns in global trade and manufacturing and more restrained spending habits by US consumers meant the Canal’s business was unlikely to revisit the heights of the 1990s and 2000s. The US economy is responsible for more than two-thirds of the canal’s business.
The Canal has been undergoing a $5.3 bn expansion for the past eight years, a huge and prodigious engineering project that includes an additional third shipping lane, new locks and new access channels. Click here to read more.