Panama's container terminals post strong growth in January
Container traffic in Panama's port system grew 9.7% year-on-year in January, according to the latest figures from the country's maritime authority (AMP).
Panamanian ports handled nearly 576,000 TEUs in the first month of the year, versus some 525,000 TEUs in January 2014.
Activity at the Colón Container Terminal on Panama's Atlantic coast grew at the fastest clip, expanding by some 40.8%, while the Port of Cristóbal, near Panama city, posted a 26.3% decline in container shipments, the worst performance of the month.
The Port of Balboa and the Manzanillo International Terminal - located on the Pacific and Atlantic sides of the Panama Canal, respectively - together handled around 77% of the TEUs shipped through all six of Panama's container terminals in January. Balboa is one of Latin America's busiest container terminals.
January's port activity figures are the latest in a steady acceleration of container growth in Panama since around mid-2014, with TEU shipments plummeting 13.7% year-on-year in June.
In absolute terms, container shipments through the country have risen by roughly 45% since 2008, growing at an average annual rate of 6.4%, according to figures from the AMP. Panama shipped 6.8mn TEUs in 2014, up 3.1% and recovering from a 4.5% dip in activity during 2013.
Panama's private port operators are boosting their container capacity in anticipation of a boost in demand from the Panama Canal expansion, due to start commercial operations in April 2016. Canal authority ANP is also promoting the development of a transshipment container port on the Atlantic coast.
The expanded canal will be able to handle modern container ships of up to 14,000 TEUs, compared to its current size limit of 5,000 TEUs, according to the latest BNamericas Infrastructure Intelligence Series.
When all of these projects are complete, Panama should have capacity to handle 16.6mn TEUs per year, more than double the container traffic in its port system during 2014.
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