Were is the canal?

In the 97 years since its opening, the canal continues to enjoy great success. Even though world shipping—and the size of ships themselves—has changed markedly since the canal was designed, it continues to be a vital link in world trade, carrying more cargo than ever before, with fewer overhead costs. Citation needed Nevertheless, the canal faces a number of potential concerns.

Opponents to the 1977 Torrijos-Carter Treaties feared that efficiency and maintenance would suffer following the U.S. withdrawal from the Panama Canal Zone; however, this does not appear to have been the case. Capitalizing on practices developed during the American administration, canal operations are improving under Panamanian control. 50 Canal Waters Time (CWT), the average time it takes a vessel to navigate the canal, including waiting time, is a key measure of efficiency; according to the ACP, since 2000, it has oscillated between 20 and 30 hours.

The accident rate has also not changed appreciably in the past decade, varying between 10 and 30 accidents each year across approximately 14,000 total annual transits. 515253 An official accident is one in which a formal investigation is requested and conducted. Increasing volumes of imports from Asia, which previously landed on U.S. West Coast ports, are now passing through the canal to the American East Coast.

54 The total number of ocean-going transits increased from 11,725 in 2003 to 13,233 in 2007, falling to 12,855 in 2009. (The canal's fiscal year runs from October through September.)55 This has been coupled with a steady rise in average ship size and in the numbers of Panamax vessels passing through the canal, so that the total tonnage carried rose from 227.9 million PC/UMS tons in fiscal year 1999 to a record high of 312.9 million tons in 2007, falling to 299.1 million tons in 2009. 345556 Despite the reduction in total transits due to the negative impact of vessel size (e.g. , the inability of large vessels to pass each other in the Gaillard Cut), this represents significant overall growth in canal capacity.

The Panama Canal Authority (ACP) has invested nearly US$1 billion in widening and modernizing the canal, with the aim of increasing capacity by 20%. 57 The ACP cites a number of major improvements, including the widening and straightening of the Gaillard Cut to reduce restrictions on passing vessels, the deepening of the navigational channel in Gatun Lake to reduce draft restrictions and improve water supply, and the deepening of the Atlantic and Pacific entrances to the canal. This is supported by new equipment, such as a new drill barge and suction dredger, and an increase of the tug boat fleet by 20%.

In addition, improvements have been made to the canal's operating machinery, including an increased and improved tug locomotive fleet, the replacement of more than 16 km of locomotive track, and new lock machinery controls. Improvements have been made to the traffic management system to allow more efficient control over ships in the canal. In December 2010, record-breaking rains caused a 17-hour closure of the canal; this was the first closure since the United States invasion of Panama in 1989.

5960 The rains also caused an access road to the Centenario bridge to collapse. The canal is currently handling more vessel traffic than had ever been envisioned by its builders. In 1934 it was estimated that the maximum capacity of the canal would be around 80 million tons per year;65 as noted above, canal traffic in 2009 reached 299.1 million tons of shipping.

To improve capacity, a number of improvements have been imposed on the current canal system. Construction of a new spillway in Gatun, for flood control. These improvements will enlarge the capacity from 280–90 million PCUMS (2008) to 330–40 PCUMS (2012).

Despite having enjoyed a privileged position for many years, the canal is increasingly facing competition from other quarters. Because canal tolls are expected to rise, some critics67 have suggested that the Suez Canal may become a viable alternative for cargo en route from Asia to the U.S. East Coast. Citation needed The Panama Canal, however, continues to serve more than 144 of the world's trade routes and the majority of canal traffic comes from the "all-water route" from Asia to the U.S. East and Gulf Coasts via the Panama Canal.

The increasing rate of melting of ice in the Arctic Ocean has led to speculation that the Northwest Passage or Arctic Bridge may become viable for commercial shipping at some point in the future. This route would save 9,300 km (5,800 mi) on the route from Asia to Europe compared with the Panama Canal, possibly leading to a diversion of some traffic to that route. However, such a route is beset by unresolved territorial issues and would still hold significant problems owing to ice.

Gatun Lake is filled with rainwater, and the lake accumulates excess water during wet months.