D. Economic-Pro


 (2) Senator Mike Gravel (in dialog with Senator Paul Laxalt), March 1, 1978 (S 2603404)

 Mr. GravelL.** The chart I now show will help explain the phenomenon that has taken place with respect to the size of the vessels going through the canal and the tonnage going through the canal.
 What I would like to show here is what has taken place from 1961 up to today with respect to the construction of bulk carriers in the world-I am not talking just about the United States 'but about the entire world. Up until 1961 there were very, very few vessels that were built that were in excess of 60,000 deadweighi-t tons.
 Let mie just state here parenthetic ally that the ability to get through the canal is based upon tonnage, and is based upon the beam of your vessel, the restriction on beam being 107 feet. 'The tonnage that can pass the canal varies, depending upon draft and beam of the vessel, f roin 60,000 to 80,000 deadweight tons.
 So I draw the line at the 60,000 to 80,000 deadweight tons for the purpose of these charts.
 This chart shows that f rom 1950 to 1961 very, very few bulk carriers in excess of 60,000 deadwveight tons were constructed.
 But f romn 1961 forward wve find a very rapid rise, a very steep incline, in this chart, showing that 19.6 percent of all bulk carriers today in the world are) over 60,000 deadweight tons.
 Now, 19 percent is not a terribly shocking' number with respect to the canal. but when you translate that number of vessels into tonnage you get the somewhat shocking- figure that 43.8 percent of the total deadweighrlt tonnage of the w\orl's maritimne fleet with respect to bulk carriers cannot go through the Panamia Canal. It is pretty surprising when You look at that figure. Bulk carriers -are a substantial traffic through the Panama Canal.
 The next chart I1 want to show demonstrates what tookc place with respect to oil tankers. IHere I have a chart that shows a ine with -a very steep incline. I would likce to more precisely explain these figures by saying( that in the period from 1956 to 1960,a lot of tankers were built. Only 2.4 percent of the tankers that were built in that period were above(1 70.000 deadweight tons, meaning they are too' large to get thi ough the Pan ama Canal.
 If you take the next period, 1961 to 1965, you find that of the new tanker's built in that period 21.4 percent were above 70,000 deadweight tons.
 Then when you mo11ve to the next period of 1966 to 1970 you find ot that 66 percent of all the new tankers built were above 7,000 deadwighlt tonls, and therefore unable to get through the Panama Canal.
 When yon look at the, next period, 1971 to 1975, yon see that 66.7 percent of all the new tankers built in the world were above 70,000 deadweig'ht tons. That means old vessels are obviously being obsolesced, (218)