Canal Management Achieves Impressive Safety Record

Panama City, Panama – The Panama Canal Authority (ACP) generated $588.8 million in tolls for fiscal year 2002 – more than $9.3 million above the amount collected during the previous fiscal year. Oceangoing transits totaled 11,862 for an average of 32.5 daily transits. The ACP also achieved an impressive safety record of only 17 accidents for 2002.

Alberto Alemán Zubieta, Canal Administrator said: “The Canal’s fiscal year revenues for 2002 are the highest generated by the Canal, despite the current global economic slowdown. This shows that the Canal is a cost-effective and reliable service.”

Alemán further added: “This year marks a significant milestone for the Canal – The ACP has fully shifted from a non-profit entity to a business-oriented enterprise fully committed to quality customer service. As such, our customers will continue to see significant improvements in safety, products and services.”

The total toll revenue of $588.8 million is a preliminary fiscal year announcement presented by Alemán Zubieta during the regular meeting of the ACP Board of Directors. Although there was a decrease of 2.8 percent in the number of oceangoing transits, Panamax vessel transits increased 3.2 percent over the percentage recorded during the previous fiscal year, amounting to 4,565 (compared to 4,424 in fiscal year 2001.)

On transported cargo, figures indicate about 187.8 million tons were moved, representing a decrease of 2.8 percent compared to the 193.2 million tons during fiscal year 2001. This decrease was due to a decrease in the shipment of grains, coal, coke, lumber, chemicals and oil chemicals, and crude oil and products.

Nevertheless, there has been an increase in the shipment of iron and steel manufactures, phosphates and fertilizers, refrigerated products, automobiles, trucks and parts. Matching Canal forecasts, containerized cargo movement registered a steady increase to 11.6 percent over total tonnage recorded during the previous fiscal year.

About the Panama Canal
The Panama Canal Authority is the autonomous agency of the Government of Panama in charge of managing, operating, and maintaining the Panama Canal. The operation of the Panama Canal Authority is based on its organic law and the regulations approved by its Board of Directors. For more information, please refer to the website: