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THE EXPANDED PANAMA CANAL and ITS IMPACT on TRADE 2017.02.17 Jorge L

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THE EXPANDED PANAMA CANAL and ITS IMPACT on TRADE 2017.02.17 Jorge L THE EXPANDED PANAMA CANAL AND ITS IMPACT ON TRADE 2017.02.17 Jorge L. Quijano Administrator Content Expansion? Panama Canal Expansion Program Impact of the Canal’s Expansion DiversiFication Strategy Canal Expansion PerFormance Panama: The Transportation and Logistics Hub oF the Americas Achieving the maximum potential of our geographical position Panama’s air Hub Panama’s Maritime hub 85 direct destinations in the Americas and Europe 144 trade routes 35 countries 1700 ports 160 countries Transits and PC/UMS Tons Transits 10,000 15,000 20,000 25,000 30,000 35,000 5,000 0 1914 1917 FY 1955 1920 4,832 1923 1926 FY 9,931 1929 1975 1932 1935 FY 18,940 1938 1995 1941 1944 FY 2016 1947 28,204 1950 1953 1956 1959 Fiscal year 1962 1965 1968 1971 1974 1977 1980 1983 1986 1989 1992 1995 330.7 13,114 1998 2001 million 2004 transits 2007 2010 2013 2016 0 50 100 150 200 250 300 350 400 Tons in million PCUMS Tonnage by Market Segment ReFrigerated General Cargo Container 120 Passengers Others 100 of PCUMS Tones Dry Bulk Million 80 Tankers 60 40 Vehicle Carriers 20 0 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Fiscal Year Main Routes – FY 2016 Total: 204.7 M (long tons) Asia – U.S. East Coast 104.8M 51.2% West coast South America- U.S. East Coast 35.9M 17.5% West coast South America- Europe 21.8M 10.6% West coast Cetral America - U.S. East Coast 16.0M 7.8% Europe – U.S. & Canada west coast 12.3M 6.0% Panama Canal Trade and Main Users Total Cargo Movement FY 2016 USERS FY 2015* FY 2016* 2016 (%) United States 162.9 140.9 68.8 China 49.5 38.7 18.9 Chile 29.5 25.3 12.4 Peru 18.8 19.4 9.5 Japan 22.9 19.0 9.3 South Korea 18.5 16.2 7.9 Total cargo movements of 204.6 million long tons 68.8 % of Canal cargo traFFic originates in, or is destined to, the United States. * Measured in Million of Long Tons Global Fleet of Container Vessels in TEUs Size Evolution 1992- 2016 9,000 20,000 8,000 Average Vessel Size 18,000 16,000 7,000 Average Size oF Vessels Delivered 14,000 6,000 Largest Container Vessel in World Fleet 12,000 5,000 10,000 4,000 8,000 3,000 6,000 2,000 4,000 1,000 2,000 0 0 Source: Container Forecaster 3Q, 2016, Drewry Research. Long Term Demand Forecast 600 Historical Revised Forecast 550 508 Forecast 500 Historical 450 400 Additional tonnage after 350 expansion PCUMS in Millions Capacidad del Canal 300 340 250 Existing Canal maximum capacity 200 (Tonnage) 150 100 2003 2005 2007 2001 2011 2013 1999 2009 2015 1997 2017 1995 2021 2023 2019 2025 Year Source: The Economist Latin American Population / Projected Growth - 2010-2030 Mexico +18.9% Caribbean, Cuba, Puerto Rico, Dominican Pop: 135M Republic, Jamaica, Haiti +11.0% Pop: 42M Costa Rica, Panama +23.0% Guatemala, El Salvador, Belize, Pop: 9M Colombia, Venezuela Honduras, Nicaragua. +28.0% +22.0% Pop: 19M Pop: 88M Ecuador, Peru, Bolivia, Chile +20.0% Pop: 85M Uruguay, Paraguay, Brazil, +18.0% Pop: 251M Argentina,+17.0% TOTAL POPULATION Pop: 48M +19%, 700M Source: «US CENSUS: International Database» Relative Importance of the Canal on the International Seaborne Trade oF Selected Countries 2015 35.0% 30.7% 30.0% 28.4% 26.7% 25.0% 20.0% 15.0% 11.9% 10.8% 10.0% 7.5% 5.0% 3.3% 2.8% 2.6% 2.3% 2.0% 2.0% 1.9% 1.7% 0.9% 0.5% 0.0% Source: ACP estimated figures with IHS information Content Expansion? Panama Canal Expansion Program Program Components 17.66 M m3 Atlantic Site Post-Panamax Locks Existing Increase of Gatun Lake’s Locks maximum operating level ▼ Atlantic entrance deepening and widening 26.7 m 27.1 m Access channel ► Gatun Lake widening and deepening and widening of Gaillard Cut ‘s navigation Pacific Site Post- Existing channels Panamax Locks Locks ▼ 8.7 M m3 New Pacific entrance deepening and 3 Pacific Access Channel 49 M m Lockswidening► Program Components 17.66 M m3 Atlantic Site Post- Panamax Locks Increase of Gatun Lake’s maximum operating level Atlantic entrance deepening and widening 26.7 m 27.1 m Gatun Lake widening and deepening and widening of Gaillard Cut ‘s navigation channels Pacific Site Post- Panamax Locks 8.7 M m3 Pacific entrance 3 deepening and Pacific Access Channel 49 M m widening Locks and vessels size Original locks maximum vessel size: 4,400 TEU 33.5 m 12.04 m 32.3 m 49 m 15.2 m 18.3 m min. 28.3 m max. New locks maximum vessel size: 13,000 – 14,000 TEU Volumes oF excavation and dredging 1886 1909 Original 200 Current Expansion 155 78% 0 50 100 150 200 250 In million cubic meters 2008 2008 Volume of concrete for the construction of the Locks ◄ Original Locks Original Construction 3.4 Current Panama Canal Expansion 4.5 0 1 2 3 4 5 6 In million cubic meters New Locks ► Expansion Works Direct Accumulated WorkForce Projects Contractors Subcontractors Total PaciFic Access Channel Excavation– PAC1 475 214 689 PaciFic Access Channel Excavation– PAC2 492 620 1,112 PaciFic Access Channel Excavation– PAC3 345 577 922 Widening and Deepening oF the North and Gatun Lake Reaches 185 226 411 PaciFic Access Channel North Entrance 366 1,575 1,941 Dredging oF the Pacific Entrance 817 520 1,337 Dredging oF the Atlantic Entrance 636 416 1,052 PaciFic Access Channel Excavation– CAP4 2,069 1,047 3,116 Design and Construction of the Third Set oF Locks 14,580 9,872 24,452 ReForetation and WidliFe Rescue 1,345 0 1,345 Heavy equipment rental 244 0 244 Paleontológical and archeological services 85 0 85 Other contracts 2,835 338 3,173 Subtotal 24,482 15,405 39,887 ACP 1,281 Total Direct Accumulated WorKforce Projection 41,168 Max Concurrent: 14,000 workers Workers From 80 countries participated ALBANIA ECUADOR KOREA-SOUTH SERBIA ANGOLA EL SALVADOR LITHUANIA SINGAPORE ARGENTINA ERITREA MALAYSIA SLOVAKIA AUSTRALIA FRANCE MALTA SLOVENIA BAHAMAS GAMBIA, THE MEXICO SOUTH AFRICA BELGIUM GERMANY MOLDOVA SPAIN BOLIVIA GHANA MOROCCO SWAZILAND GREAT BRITAIN NETHERLANDS BOSNIA AND HERZEGOVINA SWEDEN BRAZIL GUATEMALA NICARAGUA SWITZERLAND BRITISH INDIAN OCEAN TERRITORY HAITI NORWAY SYRIAN ARAB REPUBLIC BULGARIA HONDURAS PAKISTAN THAILAND CAMEROON HUNGARY PANAMA TURKEY CANADA ICELAND PARAGUAY UKRAINE CHILE INDIA PERU CHINA IRAN PHILIPPINES UNITED STATES COLOMBIA IRELAND POLAND URUGUAY COSTA RICA ITALY PORTUGAL UZBEKISTAN CROATIA JAMAICA PUERTO RICO VATICAN CITY CUBA JAPAN ROMANIA VENEZUELA DOMINICAN REPUBLIC KOREA-NORTH RUSSIAN FEDERATION ZIMBABWE Inaugurations of the Panama Canal 26 of June 2016 15 of August 1914 ConnecteD two Oceans Connecting the present with the future Expanded Panama Canal - 2017 Content Expansion? Panama Canal Expansion Program Impact of the Canal’s Expansion Impact of the Panama Canal Expansion Panama Canal Strengthens its service 1 ofFering by improving route competitiveness Liners Panama Logistics Hub Increases Flexibility and Panama Canal 2 productivity oF their 5 Diversification Strategy Neopanamax vessel services Supply Chain Local and Regional Ports Savings in transport costs, new Development and investment of port 4 logistics centers, road, rail and air 3 transport investments terminals to service the Neopanamax market The Panama Canal It is all about reliability, connectivity, anD value aDDeD services ASIA Savannah, Charleston, NorFolk Houston 3-4 days Caucedo (Dominican Rep.) Kingston (Jamaica) 1-2 days Lazaro Cardenas (Mexico) 3-4 days Cartagena (Colombia) PANAMA Less than 1 day Approximately 18 to 20 days at 18 knots Callao (Peru) 3-4 Days Santos (Brazil) San Antonio 10-11 Days (Chile) 5-6 Days 77% of container vessels that transit the Panama Canal call at a local port Main U.S. East and Gulf Coast Ports with Infrastructure Projects in Preparation For the Expansion NY/NJ: Deepening from 45’ to 50’ (to be completed in 2014) and elevating the Bayonne bridge from 151’ to 215’ Completion 2015-2017 Philadelphia: Deepening from 40’to 50’ Completion 2017 Baltimore: Deepening to 50’ Completion 2012 Norfolk: Current depth 50’, Authorized to dredge to 55’. Houston: Current depth 45’. Bayport Container Terminal in phases Charleston: Deepening from 45’ to 50’ Completion 2019 Savannah: Deepening of inner harbor from 42’ to 47’’ Completion 2017 Jacksonville: Deepening from 40’ to 47’ (TBD) Terminal and wharves improvements, and intermodal container transfer facility (2015) Miami: Deepening from 42’ to 50’/52’, tunnel project, enhanced rail connectivity Completion 2015 Liner Services Connectivity of Panama Vancouver Seattle Hamburg Tilbury Rotterdam Vancouver Antwerp Seattle DunkirK Le Havre La Spezia New YorK MarinBilbao Naples OaKland Valencia Gioia Tauro PyongtaeK ToKyo NorfolK Qingdao Busan YoKohama Los Angeles Charleston Tangier Ensenada Savannah Shanghai JacKsonville Ningbo Houston Miami Hong Kong Taipei Chiwan Kaohsiung Manzanillo P. Caucedo Lázaro Cardenas Kingston San Juan PR Port of Spain Cartagena P. Cabello Cristobal Manzanillo Balboa No. oF Annual No. oF Average Vessel Buenaventura Commercial Route Services Capacity Vessels Size Manta Guayaquil Feeder Services Atlantic 25 2,508,995 76 2,469 Feeder Services PaciFic 14 3,031,557 86 6,483 Callao LautoKa Total 39 5,540,552 162 Ilo Noumea Iquique Mejillones Antofagasta Sidney San Antonio AucKland Tauranga Melbourne Napier Panamax Liner Services Annual No. OF No. oF Average Vessel Commercial Route Capacity in Services Vessels Size one direction Neopanamax Liner Services Asia – USEC / GulF 5 1,227,015 51 4,733 Annual No.
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