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Panama Canal Collects $396 Million in Tolls for the First Eight Months of 2002

Date: 02-JUL-2002

July 3, 2002

Toll revenues reflect current global economic slowdown

Panama City, Panama - The Panama Canal generated $396 million in toll revenues for the first eight months of fiscal year 2002. In a report given to the Panama Canal Authority (ACP) board of directors, Administrator Alberto Alemán Zubieta indicated that the collected tolls continue to reflect the current global economic slowdown. He further stated that the collected tolls is $12.6 million below the projected budget and $6.1 million below the figure collected during the same period of the previous fiscal year.

To date, oceangoing transits totaled 8,094 for an average of 33.3 daily transits - a reduction of 993 transits compared to the 9,087 estimated for this period. On the other hand, Panamax vessel transits totaled 3,004 - which is 37.1 percent of all oceangoing transits.

Moreover, cargo tonnage through the Panama Canal recorded 125.7 million long tons during the first eight months of fiscal year 2002. This figure represents an approximate 4.9 percent decrease compared to total tonnage recorded during the same period of the previous fiscal year.

Nevertheless, containerized cargo continues to rise, with a 6.2 percent increase over total tonnage recorded during the same period of fiscal year 2001. Other commodities that registered increases were iron and steel products, refrigerated products, vehicles, accessories and car parts.

Alemán Zubieta also briefed directors on the progress of the modernization project and the maintenance of the waterways, as well as Panama Canal efforts to inform the population about its unwavering commitment to the country and its people.

The Panama Canal Authority is the autonomous agency of the Government of Panama in charge of managing, operating, and maintaining the Panama Canal.


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