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Panama Canal Board Chair Discusses Expansion Vis-a-Vis Industry Trends and Growth Prospects

Date: 08-NOV-2007

  • INDUSTRY LEADERS MEET AT THE 7TH TERMINAL OPERATORS CONFERENCE IN PANAMA CITY
  • CANAL VP DISCUSSES THE "ALL-WATER ROUTE" AS SAFE, RELIABLE AND EFFICIENT

PANAMA CITY, Panama, November 08, 2007 - The Panama Canal Authority (ACP), joined industry experts and more than 400 leaders of the maritime industry at the 7th shipping, ports and terminals event for the Americas, Keeping the Americas Moving, organized by Terminal Operators Conference (TOC) Worldwide. Conference attendees discussed industry challenges and opportunities.

During his opening address Tuesday, ACP Board of Directors Chairman and Minister of Canal Affairs, Dani Kuzniecky, spoke about the Canal's positive outlook for growth and higher efficiency as the ACP invests in state-of-the-art technology, new equipment and other capital improvements to expedite service and meet increasing demand for the waterway. Mr. Kuzniecky also commented on the significance of expansion on the maritime industry as a whole and the challenges of planning ahead in today's business world.

"World commerce is dependent on the Canal. And as we continue to stay the course on our expansion plans, we foresee the new lane of traffic along the waterway influencing the future of shipping. We are fully committed to this project and believe that expansion will fuel growth in the logistics and transportation sectors throughout the region - and the benefits will be felt all over the world," Mr. Kuzniecky said.

"The Canal, as it has done so in the past, will surely lead the way toward higher efficiencies in the market, increased capacity and economies of scale. We are delighted to support this important industry forum and share with other industry leaders our vision for the Canal's future," Mr. Kuzniecky also added.

The two-day conference, held at El Panama Hotel, opened with a panel discussion on trade outlook and the Panama Factor with the participation of the Canal's Vice President of Research and Market Analysis, Rodolfo Sabonge. He briefed the attendees on the latest expansion developments and the competitive advantage of the Canal's "All-Water Route," the route from Asia to the U.S. East Coast via the Panama Canal.

The expansion will build a new lane of traffic along the Panama Canal through the construction of a new set of locks, which will double capacity and allow more traffic, longer and wider ships.

About the Panama Canal Authority
The Panama Canal Authority (ACP) is the autonomous agency of the Government of Panama in charge of managing, operating and maintaining the Panama Canal. The ACP is governed by its organic law and the regulations approved by its Board of Directors. For more information, please refer to the Panama Canal Authority's Web site: http://www.pancanal.com/. For Panama Canal video, please visit www.thenewsmarket.com/panamacanal.


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