Even though global economic activity during fiscal year 2016 was not as dynamic in relation to other years, we finished the year with the third-largest tonnage volume in Panama Canal's history, welcoming 330.4 million Panama Canal tons (PC/UMS). However, slower global economic growth affected transportation demand and, especially, that of shipping services, thus impacting traffic performance.
Significant events during 2016 that impacted global trade included the prolongation of the decline in commodity prices, especially in the energy sector, adverse weather conditions due to El Nino, the restructuring of Greece's debt, Brexit, and more recently, the US presidential election. Global conditions kept business uncertainty levels high, which had an adverse impact on investment and economic growth in the United States. All of these conditions resulted in weak economic growth in general and a slower rate of growth of maritime trade.
The expanded Panama Canal was inaugurated in June 2016, adding a new and larger lane that will allow wider, longer, and deeper draft vessels to get to markets with improved economies of scale, bringing to a successful conclusion one of the most significant world infrastructure projects in recent history. The expanded canal is being welcomed by global trade participants, as several US ports are already receiving additional tonnage. Over the short and medium term, there will be a need to increase spending in infrastructure that will impact positively in the supply chain's sustainability. In Panama, the development of a logistics hub will continue to materialize as a new transshipment port in the Pacific side is added. Also, further maritime logistics developments around the waterway continue to be studied.
In maritime shipping, particularly containerized trade, we expect charter rates to remain low as fleet capacity expands with new and larger vessels coming online from orders already in place. Moreover, relatively better global trade conditions are likely to further the trend of containerization with exporters seeking to improve cargo handling and shippers seeking to maximize efficiency through mergers and consolidation of new alliances. As for the container and liquid bulk segment, the Panama Canal has seen an excellent response. The LNG industry as a new customer of the expanded Panama Canal also makes us foresee improved trade volumes, due to the reduction of time and costs.
Industrywide, efforts to prevent cyberattacks and piracy, incorporate new cyber-resilient technology as well as further innovation and full sustainable operations within the shipping industry will continue. A significant effort to reduce contaminating emissions of vessels involved in the international trade will ensue during the coming years.
In terms of conditions for global commerce and the health of the shipping industry, we expect 2017 to be slightly better than 2016. Better supply chain management strategies and innovations, combined with a global vision and optimized shipping routes, will help stabilize revenue over the long term.