Panama City, Panama, May 15, 2018 – On Tuesday, the Board of Directors and the Panama Canal Authority (ACP) Advisory Board met in Norfolk, Virginia to address issues pertaining to the interoceanic highway and discuss opportunities for future growth.
Tuesday’s planning session is one of two held annually by the Boards. Each year, the Boards meet once in Panama and again in a city of importance within the global maritime industry. This year, the decision was made to meet in Norfolk, Virginia, an important port which receives a significant amount of cargo, primarily containerized cargo. In 2017, they handled around 2.8 million TEUs per year (1.27 million TEUs in imports and 1.01 million in exports). The growth of the port in relation to the previous calendar year was 7%.
The Boards have gathered to discuss issues relevant to the Panama Canal, such as its strong financial standing, current operations and projects, industry trends which could impact its performance, planned growth, and the development of complementary and future business opportunities.
Established on December 13, 1999 in compliance with Article 19 of the Organic Law of the ACP, the Advisory Board provides regular updates to the ACP on the maritime sector’s development and activities worldwide. The Advisory Board offers valuable guidance to the Board of Directors and leadership of the ACP, enabling them to formulate strategies to further strengthen the efficiency, safety and reliability of the Panama Canal’s operations and the competitiveness of the route.
The Advisory Board is composed of 16 distinguished advisors, who possess intimate knowledge of the Panama Canal and extensive experience in the international business, transportation and world trade, telecommunications, civil construction and development, banking and academic sectors.
During their time in Virginia, the Advisory Board and Board of Directors will tour the operations of the Port of Virginia, as well as several regional distribution centers including Target and the California Cartage Company located in Suffolk, Virginia, and Givens in Chesapeake, Virginia.
About the Panama Canal Authority
The Panama Canal is run by an autonomous agency of the Government of Panama in charge of managing, operating and maintaining the Panama Canal. The operation of the Panama Canal Authority (ACP) is based on its organic law and the regulations approved by its Board of Directors. For more information, please refer to the ACP’s website: http://www.pancanal.com or follow us on Twitter @thepanamacanal.
About the Panama Canal Expansion
The Panama Canal Expansion is the largest enhancement project since the Canal’s opening in 1914. Considered and analyzed for a decade with more than 100 studies, the Expanded Canal provides the world’s shippers, retailers, manufacturers and consumers with greater shipping options, better maritime service, enhanced logistics and supply-chain reliability. The Expansion included the construction of a new set of locks on the Atlantic and Pacific sides of the waterway, creating a third lane of traffic and doubling the cargo capacity of the waterway. While the expanded locks are 70 feet wider and 18 feet deeper than those in the original Canal, they use less water due to water-savings basins that recycle 60 percent of the water used per transit. In line with its commitment to customer service, the Panama Canal will continue to provide the world with value for another century and beyond.
