Well the early results are in and the results for the U.S. East Coast ports has been a strong. Since the beginning of 2017 until October, the tonnage transmitted through the Panama Canal has increased by approximately 23%. The 2,000th large ship – that could not have previously fit – passed through the Canal in early October. The new canal locks can handle 14,800 containers versus the limit of 5,000 containers beforehand.
Ports on the United States East Coast have been expanding their port operations to make room for larger vessels and more cargo going to rent from the Far East. Previously cargo had to dock on the West Coast and then their containers had to be shipped by train or truck because of the canal’s previous size limitations.
Total weekly container volume at East Coast ports is expected to be up 29% by the end of the year according to PR News Service. The 2nd largest East Coast port Savannah experts to handle an additional 10% of cargo this year which is double the growth rate in previous years. Officials credit this strong growth to bigger ships crossing the expanded Panama Canal.
American natural gas, coal and grain industries are sending larger loads to China and elsewhere in Asia cheaper and easier than ever before.
The U.S. natural gas industry has been a major benefactor. Houston-based Cheniere began exporting liquefied natural gas in February of this year from its Louisiana terminal. The firm now sends around 42% of its cargoes from this terminal through the canal for its Asian consumers.
The Panama Canal is a man-made 48 mile waterway in Panama that connects Atlantic Ocean with the Pacific Ocean. It is a key conduit for international trade which began in 1881 by France.
The project was taken over by the United States in 1904 and completed in 1914. A third wider lane was undertaken in September 2007 and recently completed. Panama Canal has been called one of the “seven wonders of the world” for the American Society of Civil Engineers.
It takes six to eight hours for a ship to pass through the Panama Canal. It was created to allow for ships to avoid the long and sometimes treacherous journey around the tip of South America. The Panama Canal continues to serve more than 144 of the world’s trade routes and the majority of canal traffic comes from the “all-water route” from Asia to the U.S. East and Gulf Coasts. Annual traffic through the canal has risen steadily from about 1,000 ships in 1914 to almost 15,000 in 2008.
Just another indication of the increasing growth of international trade and the benefits that will flow to individuals and the companies that serve those individuals. There are more than 12,000 publicly traded companies in 44 countries allowing individuals to own shares in their promising futures.
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