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China Trusts Panamanians Management of Canal
The Chinese people are fully confident that Panamanians have the capability, wisdom, and intelligence to manage and administer the Panama Canal in an efficient manner.
This stand was stated Thursday by Li Younglu, the Sino-Panamanian Trade Development Office representative during the inaugural ceremony of the new containership line of the China Ocean Shipping Company (Cosco).
Li said that after the recovery of the interoceanic waterway on December 31, 1999, the Panamanian people became the real owner of the route.
Panamanian First Vice President Arturo Vallarino said that the new Cosco container ship fleet will not only become a significant source of income for the canal because of toll payments, but also contribute to the increase of the Panamanian sea fleet. The new line of container ships has nine container-bearing ships with a contribution of 104 trips a year across the Panama Canal.
The nine ships are seven of Cosco, which can transport 3,400 tons (TEU, ton equivalent units), one of the Yaming firm, of Taiwan, and another from Kline, of Japan.
The new route goes from the Far East to the United States east coast, with a saving of seven days, while the container ships traversed the same route through the Suez Canal, Egypt, in 33 days. The opening of the new route will produce more than 10 million U.S. dollars in tolls for the interoceanic waterway administered by the Panama Canal Authority (ACP).
The ACP can also obtain more than two million dollars from the Chinese conglomerate through the sale of fuel to its ships, all under Panamanian register and of the "Panamax" class, which are the biggest that can be accommodated by the waterway.
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