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Introduction
On December 31, 1999, the United States handed the Republic of Panama control of the Panama Canal. While much controversy surrounded Panamas ability to provide efficient service, business on the canal has been flowing smoothly. However, the switch in power was only the first of many hurdles the canal has faced and will be facing in years to come. The amount of traffic through the canal is increasing by 5% to 8% every year (Murphy 1996); traffic increase is occurring in volume as well as in size. ... With physical and technological improvements, the Panama Canal can expand to provide for the shipping community in the future.
Traveling through the canal
Figure-1
A vessel approaching the canal from the Atlantic Ocean (see Figure 1) encounters the Gatun Locks (commonly referred to as water elevators) first. ... The total travel time through the Panama Canals is approximately 24
hours
Business through canal
According to the U. ... " The United States ships over 1 billion long tons of cargo through the Panama Canal each year, making the Panama Canal an indespensible aspect of the nations economy. Servicing over 50 countries on all 7 continents, the Panama Canal is vital to the transportation of natural resources and manufactured goods. This can be seen through the following facts:
· 141 trade routes converge at the Panama Canal. ... Change in Authority
The new controlling agency, the Panama Canal Authority (ACP), has successfully maintained the level of service previously provided by the United States. Up until December 31, 1999, the United States had complete control of the Panama Canal. However, the change in authority did not happen abruptly: The Panama Canal Treaty of 1977 outlined a gradual change over to ensure continued customer satisfaction. The Panama Canal is crucial to global business, and the United States and other world powers that rely on the canal were concerned that the canal would be more susceptible to a hostile take-over without the protection of the U. ... Increasing Shipping Industry
Shipping through the Panama Canal has also increased in the last two decades due to the decreased service of rail systems in the United States. Before the 1980s, most cargo from Asia to the Eastern United States did travel through the canal. ... Many shipping companies from China have chosen to get their cargo to the east coast of the Unites States through the Panama Canal to avoid congested railways in California.
Approximate Word count = 1897
Approximate Pages = 7.6
(250 words per page double spaced)
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