Panama sees rise in cargo volume in first half of 2020

Panama sees rise in cargo volume in first half of 2020 – Good news for Panama’s shipping industry as Panama’s ports saw its cargo volume increase by 13.7% year-on-year in the first half of 2020, hitting 3.8 million teu (twenty-foot equivalent units) compared to the first half of 2019. This is an improvement from last year, where the growth from the first half of 2018 was only 0.6%.   Twenty-foot equivalent units, or teu, are used as a unit of cargo capacity for ships and terminals, and are based on the volume of a 20-foot long container. first half According to statistics from the Autoridad Maritima De Panama (AMP), or the Panama Maritime Authority, all container ports in Panama, apart from Colon Container Terminal (CCT), experienced a rise in cargo volume. In contrast, cargo volume in CCT experienced a decline of 4.9% from last year.   The remainder of container ports in Panama saw an increase in cargo volume across the board. Bocas Fruit Company, which specialises in banana exports, saw its terminal experience an increase in cargo volume of 60.7%, while the cargo volume in Manzanillo International Terminal (MIT-Panama) rose 14.2%, Balboa increased 6.9%, Cristobal rose by 16.5% and PSA Panama International Terminal (PPIT) saw a rise of 34.2% as compared to 2019. As detailed by AMP’s report, Panama’s port system saw movement of more than 600,000 teu per month, but in June, experienced a drop of 573,444 teu between full and empty containers.   Of all the cargo transported by Panamanian terminals, 90% of them were in transshipment while the remaining 10% were local cargo. Transshipment, referring to the shipment of cargo to a temporary location before continuing in the journey, had an increase of 18.5% across Panamanian terminals compared to the first half of last year, reaching 3.4 million teu. Local cargo, however, saw a drop by 16% from the first half of last year to 400,000 teu.   Source: Seatrade Maritime

Check Also

Iron ore prices spikes

Iron ore prices spikes, steel demand hikes, coking coal import quota declines

Iron ore prices spikes, steel demand hikes, coking coal import quota declines The iron ore …