Shipping lines are being increasingly affected by the global crisis and claim that some owners may be forced out of business This coincides with news that many contracts for the building of post-Panamax ships have been cancelled in the face of the world economic crisis. The widening is intended to cater for these giant vessels. With the construction boom in Panama coming to an end, and economists warning of big job losses, many are bolstering their hopes of Panama dodging the economic crisis with rosy prospects for the continuing Canal expansion project.
But critic have pointed out that the project requires continued increased transits and increased tolls to be feasible.
Lloyds lists reported last week that “Shipowners are urging the Panama Canal Authority to cancel planned toll increases while cutting more Suez Canal transits as soaring costs and collapsing markets threaten to drive some operators out of business.
“BIMCO, Intercargo, Intertanko and the International Chamber of Shipping have written to the ACP warning that there were now "serious concerns about the industry's ability to sustain a further increase" after significant price hikes over the past two years.
But critic have pointed out that the project requires continued increased transits and increased tolls to be feasible.
Lloyds lists reported last week that “Shipowners are urging the Panama Canal Authority to cancel planned toll increases while cutting more Suez Canal transits as soaring costs and collapsing markets threaten to drive some operators out of business.
“BIMCO, Intercargo, Intertanko and the International Chamber of Shipping have written to the ACP warning that there were now "serious concerns about the industry's ability to sustain a further increase" after significant price hikes over the past two years.