The Panama Canal Boards of Directors and Advisors concluded their 41st meeting today, following three days of discussions focused on evaluating opportunities for the waterway’s growth in a rapidly evolving global maritime trade landscape.
“The Panama Canal Advisory Board’s expertise is invaluable in informing our decisions about the Canal’s future. Their insights help us anticipate shifts in global trade and ensure that the Canal remains reliable, sustainable, and competitive for generations to come,” said Minister for Canal Affairs and Chairman of the Board of Directors José Ramón Icaza.
The meeting’s agenda included an assessment of maritime industry trends and geopolitical developments that could affect the Canal in both the short and long term.
Participants also received updates on Canal’s operational, commercial, and financial performance, its revenue diversification program, projects aimed at securing long-term water availability, and workforce development initiatives.
Advisory board members also toured the Cocolí Locks and the Integrated Operations Control Center (CICO) and attended a meeting at the Presidential Palace.
Additionally, during a joint session, representatives from the McKinsey Global Institute examined how shifting global supply chains and geopolitical tensions are reshaping international trade routes. Established in 1990, the McKinsey Global Institute conducts research on critical global issues, including productivity, technology, and sustainability to inform decision-making among business leaders and policymakers worldwide.
This was the first meeting chaired by Tommy Thomsen who succeeded U.S. Navy Admiral William J. Flanagan as Chairman of the Advisory Board. “It is an honor to assume the chairmanship of the Panama Canal Advisory Board. Throughout my career in the maritime industry, I have witnessed firsthand Panama’s vital role in global trade, and I am confident that the Canal has a bright future ahead,” said Thomsen.
Reflecting on his tenure, U.S. Navy Admiral Flanagan stated, “I am proud to have served on an advisory board dedicated to bringing global perspectives to support the Canal’s development. Over the years, I have learned a lesson that will always stay with me: Panama is not a place. It is a passion. That passion is reflected in the people who make the Canal’s operations possible every day.”
The Panama Canal Authority established the advisory board in December 1999, in accordance with Article 19 of its Organic Law (Law 19 of June 11, 1997). The board serves as an advisory body to the authority, with the primary responsibility of providing guidance and recommendations to the board of directors and Panama Canal Administration.
