Jorge Quijano, CEO of the Panama Canal Authority (ACP) has said that the Suez Canal expansion is not a concern for Panama, with the CEO adding that they are not concerned with the potential time and cost savings of using the Suez Canal, according to the Journal of Commerce.
PTI previously reported that the Suez Canal could be a threat to the Panama Canal, since its travel times are shorter by around four hours.
Jorge Quijano said: “We just don’t see that the Suez expansion will be a major factor. “We expect to get additional tonnage. But we also believe that the US economy is growing, so we’re banking on growth that will be beneficial not just for us but for US West Coast ports as well.”
Concerns were countered recently, after assertions were made that the Panama Canal may see volumes revert back through its waterways upon the completion of the third set of locks in early 2016.
A bigger threat could be the proposed Kra Canal, which could be constructed through Thailand, as it seeks to redefine the Malacca Strait, the busiest shipping strait in the world.
Around 45,000 people visited the Panama Canal recently to catch a glimpse of the mega-project.
Once complete, the Panama Canal will be able to service 13,000 TEU ships, up from the 5,000 TEU amount prior to the Canal’s expansion project.