Panama's maritime authority is predicting that container volumes will increase by 10 per cent next year despite the economic slowdown in the US.
The authority anticipates Panama's ports will handle 5.6 million TEU in 2009, up from around five million projected for this year and 4.1 million in 2007, reports Reuters.
It noted that Panama has seen shipping volumes nearly double since 2006 on the back of growing Chinese demand for raw materials as well the nation's expanding export trade of finished goods.
"Latin America faces a great challenge because maritime transportation is growing at an accelerated rate, and so we must create infrastructure that can meet existing demand," maritime authority chief Fernando Solorzano said at an industry meeting in the Panamanian capital.
Panama has set aside US$1.6 billion to upgrade facilities. Chinese shipping giant Cosco has also expressed an interest in developing a new mega port at the Panama Canal's Pacific entrance.
Panama handles 40 per cent of Latin America's containers via its 80-kilometre canal, the report added.
The authority anticipates Panama's ports will handle 5.6 million TEU in 2009, up from around five million projected for this year and 4.1 million in 2007, reports Reuters.
It noted that Panama has seen shipping volumes nearly double since 2006 on the back of growing Chinese demand for raw materials as well the nation's expanding export trade of finished goods.
"Latin America faces a great challenge because maritime transportation is growing at an accelerated rate, and so we must create infrastructure that can meet existing demand," maritime authority chief Fernando Solorzano said at an industry meeting in the Panamanian capital.
Panama has set aside US$1.6 billion to upgrade facilities. Chinese shipping giant Cosco has also expressed an interest in developing a new mega port at the Panama Canal's Pacific entrance.
Panama handles 40 per cent of Latin America's containers via its 80-kilometre canal, the report added.