Panama Ports Container Volume Up 18.5% In January-July 2024

  • Panama´s port operators had, for the first time in three years, increased container volume by 18.5% in the period January-July. According to statistics released by the Panama Maritime Authority (AMP), all terminals showed double-digit growth during the seven months, with an average of 18.5% and a combined volume of 5.59 million TEU, Seatrade Maritime reported.
  • On the Atlantic side, Colon Container Terminal (CCT) and Port of Cristobal volumes grew by 22.3% and 30.5%, respectively.  Meanwhile, PSA Panama International Terminal (PPIT) and Port of Balboa, on the Pacific Side, posted an increase in volume of 26% and 14.7%, respectively. SSA Marine’s MIT terminal also saw a growth of 10.5%.
  • A key factor driving this growth has been the strategic expansion of operations to accommodate the increased volume diverted from the Canal due to draught restrictions. Congestion in other transshipment hubs in the Caribbean, along with the ongoing Red Sea crisis, which led to the diversion of commercial routes, has also worked positively towards the increment of transshipment volume into Panama.
  • According to the general manager of SSA Marine’s MIT, Manuel Pinzon, on the supply side, the Panama Canal’s reduction in transit numbers and allowable vessel draughts, due to a lack of rainfall in the Canal watershed, created an opportunity for ocean carriers to exploit Panama’s land bridge more effectively. The ability to connect containers via rail or truck between the Atlantic and Pacific oceans increased container volumes handled by container terminals in Panama, as global supply chains continue to seek efficient routes to navigate trade uncertainties and logistical challenges.
  • On the demand side, the global economic recovery post-pandemic has significantly driven up container throughput. Imports to Latin America have risen by nearly 10%, while exports from the region have increased by over 7%.
  • As international trade volumes surged with the revival of global markets, ocean carriers have increasingly relied on Panama’s ports to expedite their services between major economic centres which has therefore led to increased container volume for the sovereign.

 (Source: Seatrade Maritime News)