The Port of Palm Beach and the Panama Canal Authority (ACP) have extended the term of their Memorandum of Understanding (MOU) by five additional years.
The original MOU was signed on December 9, 2009 with the aim of promoting joint marketing initiatives, boosting the exchange of information and insights, and driving business development, the two parties said.
“Through our partnership with the Panama Canal Authority, we have continued cooperation to share commercial intelligence,” said Manuel Almira, Executive Director of the Port of Palm Beach.
“We are very pleased to extend this alliance, especially now that the Panama Canal is experiencing considerable growth, setting new daily tonnage records in February for the third consecutive month,” Panama Canal Administrator Jorge L. Quijano added.
The signing of the extension comes as the Panama Canal is experiencing a major growth in cargo inflow following the waterway’s expansion.
In February 2017, the Panama Canal set a new daily tonnage record of 1.18 million Panama Canal tons (PC/UMS) after welcoming a total of 1,180 vessels through both the expanded and original locks.
In addition, major carriers have redirected service to the canal in an effort to take advantage of the canal’s economies of scale. So far, 13 Neopanamax liner services have been deployed through the new locks, primarily on the US East Coast to Asia trade route, with two more Neopanamax liner services expected to follow on April 1.