Americas News
Safety Issues May Negate Economic Benefits of Expanded Panama Canal: Report
A new report by PGI Intelligence suggests that safety risks of the newly opened expanded Panama Canal offset its economic benefits, World Maritime News reports.
"The success of the expansion of the Panama Canal is partly dependent on how the ACP (the Panama Canal Authority) manages and mitigates such risks through training and its response to the emergence of any safety and structural vulnerabilities," said PGI Intelligence, noting that ACP has permitted just four vessels to transit the canal per day during an initial trial period.
"Any major safety failings, a fall in water levels or evidence of damage to the locks, however, would create significant pressure on the ACP to implement restrictions on the locks, with implications for larger vessels and a negative economic impact on the authority and its revenues."
Some industry bodies are also reported to have expressed concern that, at 427 metres long and 55 metres wide, the new locks are too small for neo-panamax vessels that can be up to 366 metres long and 49 metres wide, leaving little room for the tugs to operate.
According to a joint study conducted by the International Transport Workers' Federation (ITF) and the Fundação Homem de Mar (FHM), windy conditions could compromise vessels' manoeuvrability, further increasing the likelihood of accidents within the lock system.
PGI Intelligence's report also warns that structural issues on the new locks could pose a risk to the long-term integrity of the project, leading to further delays.
The comments will presumably be of concern to those in the bunker industry who are looking to the expanded Canal to be a boost to their marine fuel sales.
Among those are bunker players in Jamaica, and as Ship & Bunker reported earlier this month, Dr Andrew Wheatley, Jamaica's Minister of Science, Energy, and Technology, said that following the opening of the Panama Canal expansion it is important for his country to capture its fair share of the bunker market.
