October 14, 2014 / 12:56 AM / 5 years ago

Panama Canal cargo traffic, toll revenue rise slightly in 2014

A container ship sails underneath the Bridge of the Americas in the Panama Canal in Panama City August 14, 2014. REUTERS/Rafael Ibarra

PANAMA CITY (Reuters) - Cargo traffic through the Panama Canal rose 2 percent in the 2014 fiscal year to 326.8 million tonnes, the Panama Canal Authority said on Monday.

The small annual rise was helped by a bumper harvest in the United States, with farmers sending their crops via grain tankers to customers in Asia, Panama Canal Administrator Jorge Quijano said in a statement.

He added that during the fiscal year, which runs from Oct. 1 to Sept. 30, toll revenue was up 3.2 percent over last year, at $1.91 billion.

The 100-year-old canal, which is a major global trade artery, is in the midst of a massive expansion that will allow the world’s largest tankers to pass through the isthmus.

The expansion, which involves building a third set of locks onto the 50-mile (80-km) waterway, was originally scheduled to be completed this year, but has been delayed several times, in part due to a dispute earlier this year over about $1.6 billion in cost overruns.

The deadline for completion is now early 2016.

Reporting by Elida Moreno; Editing by Ken Wills

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below