Implemented on 4 May and originally set to run until 1 September, the relief measures include the suspension of advance payments for transit reservation fees and other changes to the waterway’s reservation system.
Together, the Panama Canal said, these measures would allow customers to maintain higher liquidity, as well as added flexibility for swapping or substituting booking slots among their own fleets.
The Panama Canal has maintained a constant dialogue with the industry leaders on how to best provide relief as the world look to recover from the economic and social impact of Covid-19.
Despite the challenges faced earlier this year, I am confident we will see a steady recovery going into our 2021 Fiscal Year for both the Canal and its customers,” said Panama Canal Administrator Ricaurte Vásquez Morales. The waterway’s fiscal year will end on 30 September 2020.
“I am encouraged by the growth we are seeing for the container segment, though we are tracking changes in global trade flows vigilantly,” said Deputy Administrator Ilya Espino de Marotta. “The extension of these measures underscores our commitment first and foremost to our customers.”
Transits at the Panama Canal climbed from 845 in June to 933 in July, and August is showing a similar trend. The increase was largely driven by a surge in containership transits along the US East Coast to Asia route.
The extension of the relief measures comes on the heels of the Canal’s commitment to making the investments in order to secure the sustainable, long-term solution to water levels, furthering the waterway’s operational reliability in the years to come.
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