We play the same game: (1) Follow rules of Sanskrit Grammar, (2) Approximate alphabet sounds with known linguistic rules and (3) if the meaning comes to English equivalent.
The Panis (Paanis, Paaniis), in the Vedas and later classical literature were the merchant class who were the pioneers and who dared to set their course from unknown lands and succeeded in throwing bridges between many and diverse nations. The Phoenicians were no other than the Panis of the Rig Veda. They were called Phoeni in Latin which is very similar to the Sanskrit Pani.
Surprisingly, I felt the same thing as the above text, which I read at the Hindu Wisdom site - but before I read the text - only to reinforce the thinking. Please see my posting Common Brahmi And Phoenician Script. This commonness is also explained by the fact that the two words are related.
Please also see the article on http://en.wikipedia.org/wiki/Indo-Aryan_superstrate_in_Mitanni where Vedic Gods, Indra, Mitra, Varun and Mahesh are mentioned in the peace treaty between Hittites and Mitannis. The area of Phoenicia, Hittites and Mitannis has overlapped with each other and is today's Syria, Lebanon and Western Turkey area.
So Paanis became Phoenicia? "ia" is same as "ya" or "ay", "ic" is for the adjective. "Pa" is same as "Pha" or "Pho". "o" and "oe" are same. English is one language, were the syllable sounds are completely screwed up, and a word is not written as it is spoken!
So what does Paanis mean? "s" is most probably plural, like 'Muni' becoming 'Munih' or 'Munis'.
And Paa-Nii means "To Get + To Go or To Lead", so someone who wants "to go and get something".
There are rules where without any modifications, the same word serves as verb as well as noun. And sometimes "a' is added and sometimes more rules are followed.
So the ocean water in Sanskrit is Paanii, which is an "instrument noun", meaning that takes you somewhere to get something.
Paanii-ic becomes adjective like "King-ly", and later to make some other adjective like "King-ly-ness", they added "ic". So the word becomes "Paa-nii-ic-ya" which is same as "Ph-oe-ni-ic-ia".