Panama Canal expected to contribute in 2022 more than US$2.5 billion to public coffers

RIO DE JANEIRO, BRAZIL – The Panama Canal expects to collect revenues of US$4,2 billion in the fiscal year 2022 and make a contribution of US$2,5 billion to the Central American country’s public coffers, the largest in its history.

This is reflected in the Canal’s budget approved on Wednesday night by the plenary of the National Assembly in its third debate.

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The budget anticipates that, for the first time, the Panama Canal will handle 536.6 million PC/UMTS (Panama Canal Universal Measurement System) tons in the next fiscal year, which represents an increase of 3.9% over what was projected at the close of the 2021 fiscal year, which ends this September 30.

Based on this tonnage, the Canal estimates that between October 1, 2021, and September 30, 2022, toll revenues will total US$3.108 billion (€2.681 billion), in addition to other maritime service revenues.

On the other hand, the budget contemplates the necessary resources of US$1.4 billion for the operations of the Panama Canal and the maintenance of its equipment and infrastructure.

The president of the board of directors and minister for Canal Affairs, Aristides Royo Sánchez, and administrator Ricaurte Vásquez Morales have detailed that US$2.5 billion in direct contributions to the National Treasury are expected to be delivered, the most significant contribution to the country in the history of the Canal.

It also includes other payments to the Panamanian State for US$238.4 million. The projected figures for fiscal year 2022 are based on the pricing strategy implemented by the Canal, the additional capacity offered by its new locks, which generate 54% of toll revenue, and the expectation of robust demand for transit service.

To date, the Panama Canal has contributed US$18.6 billion to Panama’s National Treasury. In 2021 alone, the Canal estimates to contribute more than US$2 billion to the public coffers.

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