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Panama Canal Participates in Greek International Shipping Exhibition Posidonia 2016

Date: 10-JUN-2016

  • During the trip, Administrator Quijano to witness the ‘COSCO Shipping Panama' Before its Departure to Panama for the Inaugural Transit through the Expanded Canal
Panama City, Panama, June 10, 2016 -A Panama Canal Authority (ACP) delegation led by CEO/Administrator Jorge L. Quijano arrived in Greece earlier this week to attend the Posidonia 2016 international maritime and shipping exhibition. Occurring every two years, Posidonia is one of the world's largest gatherings for the global shipping industry.

Posidonia 2016 hosts more than 1,800 exhibitors from 90 countries, with over 20,000 shipping industry people. The Panama Canal participates as part of the Panama Pavilion together with Ministry of Commerce and Industries, Panama Maritime Authority, Panama Ship Registry and the General Consulate of Panama in Greece.

Panama Canal's participation in this event coincides with the inauguration of the Expanded Canal on June 26, 2016. Exhibitors in attendance showcased their support and interest for the expanded Canal and its upcoming inauguration.

On Saturday, June 11, the Panama Canal delegation will witness the departure of the vessel COSCO Shipping Panama from the Greek Port of Piraeus on its way to Panama to make history Sunday, June 26. The COSCO Shipping Panama, renamed for this occasion and honor, will inaugurate the Expanded Panama Canal by conducting the first commercial transit of the new locks.

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 project
The Panama Canal Expansion project is the largest construction project undertaken in the waterway since its opening in 1914. Considered and analyzed for a decade with more than 100 studies, construction on the first-ever expansion began in 2007 to provide the world (shippers, retailers, manufacturers, consumers) with greater shipping options, better maritime service, enhanced logistics and supply-chain reliability. The Expansion includes the construction of a new set of locks on both the Atlantic and Pacific sides and multiple dredging projects to create a second lane of traffic along the Canal. The new locks are much wider and deeper than the current locks (180 feet versus 110 feet and 60 feet versus 42 feet) and recycle nearly 60 percent of the water used per lockage with state-of-the art Water-Savings Basins. The project doubles the waterway's cargo capacity, enhancing the Canal's efficiency, reliability and customer service. The existing Canal serves more than 144 maritime routes, connecting 160 countries and 1,700 ports across the world. The Expanded Canal will provide greater economies of scale to global commerce as Neopanamax (formerly called Post-Panamax) ships, which can transport approximately three times the amount of containers than a Panamax vessel, will be able to transit through due to expansion. Since Neopanamax vessels and new segments, such as Liquefied Natural Gas (LNG), can now take advantage of the Canal's benefits, new routes, liner services and other maritime changes are expected to emerge. In line with its myopic focus on customer service since the handover to Panama nearly 20 years ago, the Panama Canal continues to provide the world, global commerce and individual segments with new products and services.


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