This is a country that knows how to reap the benefits of its geography. By doubling the capacity of the canal, the project sought to not only accommodate the ever-increasing size of cargo ships, (today’s generation of neo-Panamax ships are built at a scale undreamed of in 1914), but also fight growing competition with the Suez canal, which, over the last 10 years, has taken an increasing share of Panama's activity. The economic currents of the Panama Canal expansion are swirling around Florida from its seaports to much of its infrastructure. That is a great deal of savings in crew costs, bunkers fuel, and ship maintenance costs. Therefore, the Canal expansion could take another 35% of current West Coast freight. Start your mornings with the acclaimed 'Qrius Mornings' newsletter that gives you our best article of the day right in your inbox. In recent research, we study how the opening of the Panama Canal in 1914 influenced the economic geography of the United States. After the new set of locks is opened in 2014, significantly larger ships can … Earlier this year, the Wall Street Journal reported that the economy of Panama … “Since the opening of the expanded Panama Canal, Garden City Terminal has experienced meteoric growth,” said Georgia Ports Authority Executive Director Griff Lynch. Therefore, the Canal expansion could take another 35% of current West Coast freight. This creates a conundrum since higher tolls undermine the attractiveness of the Panama Canal as a routing option. It was the first “post-Panamax” ship to stop in Charleston | SC | USA since the completion of the $5.25 billion widening of the Panama Canal … There has been some debate as to the impact of the Panama Canal expansion in the West Coast of the US. Navigation Economic Analysis December 2008 . However, ingenuity have been the norm around all aspects surrounding the project, and recently, new ships unveiled their design for a 13,200 TEU containership that will fit the dimensions of the expanded locks. Panama Canal expansion impacts … This paper examines the economic impact of the canal expansion on the economy of Panama. As a hub for global shipping and logistics, consumers in the east and west … Panama is still a dual economy. The Canal is more complicated than just digging a long trench across. The proposed expansion of the Panama Canal will have significant impacts on shipping routes, port development, cargo distribution and a host of others to the U.S. maritime system. The expansion was taken up again in 2007, with a targeted completion date of 2014. Subscribe to Qrius, Broaden your horizons as unpack fresh trends shaping our lives. In recent research, we study how the opening of the Panama Canal in 1914 influenced the economic geography of the United States. Economic growth is centered mostly in the urban areas, tied to commercial enterprises, tied to tourism and to the Canal. The impact of the Panama Canal’s expansion is certainly being felt. He is pursuing his undergraduate studies in ECE & Physics departments simultaneously. Accessed Oct. 2, 2020. Since the 1930s, all canal-widening studies agreed that the best long-term solution to the increasing congestion in the canal was a third set of locks, significantly larger than those originally built in 1914. Containers are the main commodity through the Panama Canal, accounting for over 50 percent of toll revenues. The expanded canal will allow for the transportation of grains in vessels, generating economies of scale in shipping. Accessed Oct. 2, 2020. Qrius delivers fresh, immersive writing that answers the question 'Why should I care?'. Impact on the Panamanian Economy Since its ownership transfer from the USA to Panama on December 31, 1999, the Canal has generated tremendous benefits and increasing income to the country. Last year, the Republic of Panama’s, gross domestic product grew by 10.5 percent and unemployment is at the lowest levels ever experienced, at 3.5 percent. The payment includes money for services rendered by the state, as well as … But the expansion will lower the shipping costs. hbspt.cta._relativeUrls=true;hbspt.cta.load(459204, '450ff269-553f-4ff3-86c6-bc7f4570892c', {}); Averitt Express is an international logistics & supply chain solutions provider dedicated to helping shippers cut costs and challenges. Robinson, a transportation logistics company, estimated that as much as 10 percent of the container traffic from East Asia to the United States could shift to East Coast ports – instead of first landing on the West Coast and finishing the journey by truck or rail. "The Panama Canal and the Torrijos-Carter Treaties." There are more vessels that are using the Panama Canal trade route as compared to the initial stages. Ports in the East and Gulf Coast of the US are making every effort to upgrade their infrastructure to meet the demand of post Panamal vessels. Ports in the East and Gulf Coast of the US are making every. To clarify just how impactful that shift would be, they pointed out that it would mean rerouting a volume of cargo “equivalent to building a new port double the size of Savannah and Charleston.”. The new locks’ dimensions were designed to handle vessels of up to 170,000 deadweight tonnage or 12,600 TEU. Both coal and iron ore shipments will have the opportunity to explore the growing Asian market with the expansion of the Panama Canal. The Port of Houston broke three records in 2018; including a 9 percent increase in total tonnage from 2017, a $33 million increase in operating revenue over the previous year (for a total of $336 million), and an $11 million increase in total combined business through the port’s public facilities – for a record $162 million. Virtual … It also puts the Midwest very much in play, as Savannah, for example, is 1,000 miles closer to Chicago than Los Angeles. On June 26, 2016, the expanded Panama Canal was opened. By the time the expanded canal opens, the ACP expects the deployment of containerships of more than 10,000 TEU through the new locks. The Panama Canal will be bigger and better on 2014. More importantly, every kilometer the freight is carried via sea instead of by either interstate highway or rail will … Grain, the second most important commodity to go through the waterway, will also benefit, as the expansion will facilitate the flow of grains originating in the Midwest of the US. The Initiation of the project has drawn the interest of the international community, and has put Panama on the map in a way never imagined during the, project’s conceptual stage. It has far reaching economic effects throughout the Americas. Economic Impacts of the Panama Canal Expansion on the U.S. Economy, a presentation by Stephen Fitzroy at the International Transportation and Economic Development (I-TED) Conference, April 2014, Dallas, Texas. effort to upgrade their infrastructure to meet the demand of post Panamal vessels. To solve these problems, ships go through a sequence of three locks, which lift them up to Gatun Lake, and then lower them through three more locks back down to sea level. The expansion project will cost around 5.25 billion dollars , but some say that's a small price to pay because of what gain comes after. The increased “economies of scale” afforded by the Panama Canal expansion will allow about 1,900 ships to deliver the same number of containers through the canal that used to require about 4,200 ships to deliver. Since the official inauguration of the Panama Canal in 1914, more than one million vessels have transited it. August 12, 2016 . They are also putting new three chamber locks both on the Atlatic and Pacific ends. Clusters of economic activity can result in economies of agglomeration and supply chain network effects. The canal keeps Panama’s economy afloat. Therefore, the Panama Canal keeps the cost of imported goods down, helping to reduce, . For example, it relieves congestion at the LA/LB port—where most of the traffic comes from Asia—and it's given U.S. exporters better access to . The … 39.2012, 7 (1.12. The Panama Canal is an effi cient route, but is reaching its maximum capacity. It is also one of the megaprojects fueling Panama’s impressive sustained economic growth. Since 2016, Panama's share has increased from 43 percent to 48 percent, and the intermodal share has decreased from 27 percent to 20 percent.". While the long term effects of the Panama Canals’ expansion won’t be clear for some time, it’s safe to say that the trend points to continued growth and stability for the Gulf and East Coasts, and potential losses in the West. Port of Charleston Poised to Take Advantage of Panama Canal Expansion. That’s a 4.2 percent gain from the same month last year. Panama has ranked as one of the fastest growing economies in the Americas since 2007. All Right Reserved. They expect to be handling more than five million TEUs per year by 2025.). The Boston Consulting Group and C.H. The Panama Canal connects the Atlantic Ocean to the Pacific Ocean, via the Caribbean Ocean. At the time, there was fanfare a’plenty, with the Panama Canal Authority’s public relations department declaring that the long-delayed opening “...Ushers in a New Era of Global Trade.” Three years later, it’s time to assess whether or not the expanded canal has lived up to these lofty promises – and just what impact it’s had on shipping in the U.S. The Panama Canal connects the Atlantic Ocean to the Pacific Ocean, via the Caribbean Ocean. The new locks’ dimensions were designed to handle vessels of up to, 170,000 deadweight tonnage or 12,600 TEU. The Panama Canal expansion impact will be felt in several market segments. Vessel calls … If you are interested in determining whether or not rerouting your cargo from the West Coast to the East via the Panama Canal would be beneficial to your business, contact the Averitt International team at international@averittexpress.com. And long before the expansion even opened, there was a spotlight on how the increased traffic would alter container traffic patterns to the U.S. Posted on December 18, 2016 by Richard Detrich. First, the sea level of the Caribbean is eight inches lower than the Pacific. The Panama Canal expansion is a project of global importance, designed to maintain the waterway’s competitiveness and improve the value of the Panama route. The Panama Canal expansion project (Spanish: ampliación del Canal de Panamá), also called the Third Set of Locks Project, doubled the capacity of the Panama Canal by adding a new lane of traffic allowing for a larger number of ships, and increasing the width and depth of the lanes and locks allowing larger ships to pass. The United States also succeeded in leveraging the threat of military force to obtain a much better … Third, the Isthmus at Panama itself rises 26 meters above sea level. Edited by Sanchita Malhotra, Associate Editor, The Indian Economist. Therefore, the Panama Canal keeps the cost of imported goods down, helping to reduce inflation. But the expansion will lower the shipping costs. There has been some debate as to the impact of the Panama Canal expansion in the West Coast of the US. The Port of Charleston worked its biggest cargo ship on record in April, and the State Ports Authority says more than 204,600 TEUs crossed its Mount Pleasant and North Charleston terminals in April alone. Most of the focus is on the possibility of the East Coast stealing cargo away from the West Coast. The Panama Canal is currently in the process of a major expansion effort. Second and also the different tides between the two oceans must be accounted for. Grain, the second most important commodity to go through the waterway, will also benefit, as the expansion will facilitate the flow of grains originating in the Midwest of the US. However, rail doesn’t carry as much cargo as the Post- Panamal ships. To solve these problems, ships go through a sequence of three locks, which lift them up to Gatun Lake, and then lower them through three more locks back down to sea level. The canal expansion doubled the waterway capacity. Granted, this is good news for shippers in the Southeast, since more freight is being delivered to population centers in the East. The article discusses the benfits of the Panama Canal Expansion Project not only in the global trade market but also for the residents of Panama. P. Vishnupraneeth is studying at the Indian Institute of Technology at Guwahati, India, an Institute of National Importance. "The Expanded Canal." Argelis Moreno de Ducreax, senior international trade specialist at the ACP, says "It has happened. Meanwhile, the Port of Savannah, currently the nation’s fastest-growing port, moved 4.35 million TEUs in calendar year 2018, its highest annual volume ever, and a 7.5 percent increase over 2017. The Boston Consulting Group and C.H. PortEconomics associate member Grace Wang, along with Anthony Pagano, Onésimo Sánchez, Ricardo Ungo and Eddie Tapiero examined the economic impact of the Canal expansion on Panama’s maritime cluster. Not only does the canal create more U.S. jobs, but the expansion also makes the U.S. transportation system run more efficiently. We analyze the market share of volumes from Northeast Asia to the U.S. East Coast using the Panama Canal, to the West Coast using the intermodal system, and coming through the Suez Canal. The Panama Canal’s main competitors for shipments from Asia to the U.S. East Coast are the U.S. Intermodal System and the Suez Canal. In the first decade of its operation, the canal produced significant social returns for the United States. Charleston and Savannah are already setting records. His favourite writers are Rabindranath Tagore & APJ Abdul Kalam. Shifts in freight from the West Coast to the East are underway, decreasing the demand for West Coast intermodal, rail, and longhaul capacity. Without expansion, the Canal is too small for LNG ships. However, delays pushed that opening back to June of 2016. For example, U.S. natural gas exporters will be able to serve Asia. The expansion of the Panama Canal came with substantial capital investments that need to be recovered through tolls. One ship carries as much as 16 trains. Anglo-Indians: Are They Fading into the History of India. The more the Panama Canal expansion project captures market share, the greater will be its impact in relieving clogged highway and railroad arteries in the USA and lowering costs of transport over competing modes, as well as improving time performance. Nearly 70 percentof all cargo that passes through the Panama Canal either originated from, or is headed toward, the United States. The Canal is more complicated than just digging a long trench across the shortest point, which is “The Isthmus of Panama”. Obviously, that has enormous implications for heavy shippers. Under the Martin Torrijos administration beginning in 2004, Panama continued strong economic growth and initiated the 2007-2016 Panama Canal expansion project. The Panama Canal was one of the largest public investments of its time. Positive Impacts of Panama Canal Expansion Already there are several benefits that Panama is reaping from initiating the canal expansion project. The new locks are designed to handle vessels that weigh 17,000 deadweight tonnage or 12,600 TEU. ), p. 705-722 Most of the focus is on the possibility of the East Coast stealing cargo away from the West Coast. In Louisiana, the Port of New Orleans moved more containers in 2018 than any other year in its history – an increase of over 12 percent from 2017. Apart from his engineering side, his interest lies in writing articles about sports, special ops around the world, war, politics & their consequences on economy, Income tax etc. It also allows U.S. export companies better access to China and other Asian markets. One of its greatest impacts will be felt in the fast-growing container trade where expansion will enable larger vessels to transit the canal. The original locks were built to accommodate Panamax ships carrying roughly 4,500 TEUs (twenty-foot-equivalent units). Panama Canal Museum. Third, the Isthmus at Panama itself rises 26 meters above sea level. However, a good opportunity is being overlooked and that is that trade will open between the West Coast of the US and the East Coast of South America, particularly Brazil, which is an important emerging market. One ship carries as much as 16 trains. A Study of the Impacts of the Panama Canal Expansion on the U.S. Northeast Ports and Strategy of the Port of Boston Chien Wen Yu Bridgewater State University, chien.yu@bridgew.edu This item is available as part of Virtual Commons, the open-access institutional repository of Bridgewater State University, Bridgewater, Massachusetts. Most of these returns were due to the transportation of petroleum from California to the East Coast. And no country ships more through the Panama canal than the U.S. Nearly 70 percent of all cargo that passes through the Panama Canal either originated from, or is headed toward, the United States. The Canal is more cost effective than shipping another 5,000 miles around the southern edge of South America. The importance of the Panama Canal can be seen both in the magnitude of its architecture and engineering work, as well as in its impact on the economy. Office of the Historian. And long before the expansion even opened, there was a spotlight on how the increased traffic would alter container traffic patterns to the U.S. We will examine your current strategy and help you identify opportunities to save time and money across your supply chain. 3 Years Later: The Impact of the Panama Canal Expansion on Supply Chains. While the Panama Canal may have an impact on regional shipping networks, what is unclear is the effect that the expansion will have on ports, especially in the US, as much of the trade flows from the Panama Canal expansion will be heading towards many ports along the East and West Coast. When they are finished making the three chamber locks bigger cargo ships will be able to go in the canal. After years of analysis and hundreds of studies performed by the ACP, the people of Panama decided that it was in the best interest of the nation to engage in a project that would not only guarantee the sustainability of its main asset, but that would also be an economic engine capable of offering a myriad of opportunities for future generations to come. 79% of all cargo-carrying vessels, up from 45% prior to the expansion, worked its biggest cargo ship on record in April, said Georgia Ports Authority Executive Director Griff Lynch. The Initiation of the project has drawn the interest of the international community, and has put Panama on the map in a way never imagined during the project’s conceptual stage. This Panama Canal expansion (PCE) is expected to be complete by 2015, with a total project cost of 5.25 billion dollars (Panama Canal Authority, October 2012). Panama’s National Treasury will get more than $1 billion from The Panama Canal Authority whose Board of Directors has approved the 2016 payment. When the 1,102-foot-long Hannover Bridge sailed into the Port of Charleston on July 16, it marked a major milestone for the local maritime industry. Containers are the main commodity through the Panama Canal, accounting for over 50 percent of toll revenues. That means the Panama Canal expansion will be more cost effective, even though it will still take longer. The opening of the canal was one of the largest changes to international shipping distances, leading to big changes in market access for every US county, with big variations in the degree of this change across the US. Send Inquiry. The increasing importance of the Canal as a route of marine commerce prompted the formation in Panama of a vast conglomerate of businesses that includes suppliers of logistic … After years of analysis and hundreds of studies performed by the ACP, the people of Panama decided that it was in the best interest of the nation to engage in a project that would not only guarantee the sustainability of its main asset, but that would also be an economic engine capable of offering a myriad of opportunities for future, generations to come. Without a doubt, these are the kind of numbers that should make shippers sit up and take notice. The Panama Canal expansion is a project of global importance, designed to maintain the waterw, the value of the Panama route. 5.2 Potential Cost-Reduction Impacts of Panama Canal Expansion 102 5.3 Factors Affecting Potential Shifts in Cargo Flows 105 5.4 Regional Impacts from Canal Expansion 111 5.5 Impact of Panama Canal Expansion on U.S. Trade with South America 122 5.6 Potential Impacts on U.S. Exports 123 5.7 Summary of the Effects of Panama Canal Expansion 126 … Therefore, it will probably be used by commodities export companies, which are concerned more with cost than time. High-value, time-sensitive goods, such as electronics, will still use West Coast ports and rail. Ships in the 4,000 to 8,000 teu range will be plying the north-south trade routes with more vessel-sharing agreements being formulated to pull service volumes together; and continued growth and expansion of transshipment ports across the Caribbean. It also allows U.S. export companies better access to China and other Asian markets. Annually, around 40 million metric tons of grains–barges through the Mississippi river via the Panama Canal. The Panama Canal is currently in the process of a major expansion effort. First, the sea level of the Caribbean is eight inches lower than the Pacific. Robinson, a transportation logistics company, estimated that as much as 10 percentof the container traffic from East Asia to the United States could shift to East Coas… At the same time, the Panama Canal Authority (ACP) made a similar prediction, estimating that transits by these much larger box ships would dramatically reduce the per-unit costs of containers shipped to the East Coast from Asia – making this route more competitive with services to the ports of Los Angeles and Long Beach. "Interesting Facts About the Panama Canal." High-value, time-sensitive goods, such as electronics, will still use West Coast ports and rail. 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