Another recent development has been the gradual reduction in trade transaction costs and the time needed to clear goods. It is estimated that in 2006, an average of 17 days and $842 were required to seal an APEC outbound transaction for one container. In 2010, a similar transaction, on average, required no more than 15 days and 856 to complete. A third change Panama Maritime Chamber membership became open to ship owners around the globe whose ships are registered in Panama. The move is geared towards providing ship-owners with networking, education, and information. Technology Among developments recently realized in the area of technology includes the introduction of advanced data capturing system, increased use of e-commerce, and the launch of an advanced supply chain management systems: Agistix, a transportation systems developer recently introduced a new application for enhancing supply chain data capturing process. The utilization of e-commerce in maritime shipping, on the other hand reached an all time high, when two million container orders were made through its portal. In the same measure, a new version of Ocean Tender, a popular supply chain management system was launched in the industry. … Transportation Key progress in the research on alternative fuels, and the increasing need to curb overweight containers are some of the latest progress in matters related to transport. It was recently announced by the Federal Maritime Commission that notable progress had just been made in the quest for alternative fuels for commercial ships. Concerned about the implications that overweight containers has on the insurance industry, TT Club, a major Insurance company has been advocating for the weighing of containers weighed. Regulatory Some of the notable achievements made in this area include the enhanced monitoring of operations and the issuance of stringent penalties to protect the credibility of the industry, as well as the issuance of licenses to new operators. For instance, Sea Star Line was ordered to pay a criminal fine of $14.2 million having been found guilty of conspiring to fix prices. And as the Sea Star Line found itself on the wrong side of the law, 10 license applications were received by the U.S Federal Maritime Commission. Phison International and Elk Grove Village and DW Logistics Solutions are among the 10 companies interested into the various areas of the industry. The size and structure of containerships Containerships are being modified to align their structure with the characteristics of existing shipping lanes and capabilities of ports. In a departure from the past where all container carriers were predictably ultra large, current vessels are slightly shorter (350-370m) unlike those of years gone by (396m). The move towards a more compact size is aimed at enabling vessels to fit perfectly in the recently introduced Panama