Panama Canal earns record $2 bn in 2008

October 16th, 2008 - 12:10 pm ICT by IANS  

Panama City, Oct 16 (IANS) The Panama Canal linking the Pacific and the Atlantic oceans, one of the busiest man-made waterways, has earned a record $2 billion in revenues during the fiscal year 2008, Spain’s EFE news agency reported Thursday.The incomes were 14 percent higher than $1.76 billion recorded in the fiscal year 2007, which at the time was a record, the Panama Canal Authority said.

The canal’s fiscal year runs from Oct 1 to Sep 30.

The waterway posted record revenues despite a drop in the crossings during the 2007-2008 fiscal year, it said.

In February 2007, canal authorities had approved changes in the tonnage rules and classified tolls by type of ship as part of an effort to finance the waterway’s expansion plan.

The project is expected to cost around $5.25 billion after its completion in 2014, the report said.

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