The Panama Canal has so far gained 80 million dollars due to the its expansion allowing the transit of 165 large vessels, according to Jorge Luis Quijano, administrator of the Panama Canal Authority (ACP, in Spanish).

Since the opening of the new Panama locks, the Suez Canal, administered by Egypt, began a competition and 65 percent of their tariffs went down, but ‘we will not enter into a price war,’ Quijano told reporters.

The Suez Canal discounts meant that many ships visiting the East Coast of the United States, instead of returning to the west coast by Panama, do so through the Egyptian route, representing a loss of about $ 600,000 each time, he revealed.

Source: hellenicshippingnews.com