Fiscal year 2015 (October 2014-September 2015) brought an increase in Panama Canal tonnage, transits and toll revenue. Although traffic in general performed well, the performance of the container and bulk vessels segments was remarkable. In the case of container services, shipping lines introduced new capacity through the canal, ensuring their tonnage throughput base and TEU volumes, in anticipation of the new Panama Canal loyalty program that will be effective in April 2016.
Significant events took place in 2015, including a decline in the prices of raw materials such as oil and a stronger value of the dollar relative to the currencies in these markets. In addition, China's stock market experienced a correction of about 40 percent during July and August. However, fears about a possible contagion to other international stock exchanges never materialized.
The biggest concern to world economy and global trade is the slowdown of the Chinese economy. In any case, we expect global economy and world trade to improve in 2016. Economic forecasts from specialized private and public sources have slightly marked down the expected growth rate for the world economy, pointing to a global growth rate of 2.7 to 2.9 percent in 2016, mainly as a result of the still weak and unstable environment affecting Europe, the emerging markets and the Chinese slowdown
We foresee existing challenges strengthening and new ones arising in 2016 for the maritime industry. Merger and acquisition activity continues in the transportation sector, affecting logistics service providers, trucking firms and ocean carriers. This could affect rate and service options for shippers. In liner container shipping, in particular, we expect alliances between shipping groups to continue consolidating further to better manage capacity.
Canal traffic is expected to register higher levels than last year, as the new expanded canal opens for business. The competitive advantage that Panama has to offer will be strengthened by the expansion’s completion, which will drive other sectors indirectly linked to canal traffic.
Jorge Quijano, Administrator and CEO, Panama Canal Authority