Panama Canal losing shipping to other routes
Friday, January 10, 2014
Many shipping companies are looking to alternative routes to the Panama Canal to transit cargo across the globe, even as the $5.2 billion expansion project continues.
Maersk Line has already abandoned Panama in favor of Egypt’s Suez Canal, which has no locks, while other companies are finding cheaper and faster routes to the U.S. East Coast by shipping to ports in California and transiting goods overland by train.
The high costs for using the waterway, the time spent waiting to enter the canal and the already limited number of eastern U.S. ports that can service Post-Panamax ships are pushing companies away.
Source: Fox News Latino