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Panama Canal expansion will cut risk of damage to cargo: Consultant

September 1, 2014 - 6:00am

Andrew Kinsey, senior marine risk consultant for Allianz Risk Consulting, has said that the Panama Canal expansion will cut the risk of cargo damage or loss for transport and shipping firms, reports BNamericas.

Mr. Kinsey said the lower exposure to risk should mean reduced insurance claims.

The capacity of ships sailing through the canal will increase to 12,600 TEUs from 4,400 TEUs after the expansion, and this means there will be larger losses if an accident occurs, the consultant told BNamericas.

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