Panama Canal News

 

Panama Canal Woes Mean Longer Haul for Many

Dec 13, 2023

As low water level continue to plaque the Panama Canal, shipowners and managers are paying the price in the form of longer hauls and higher fuel (and emissions) costs to deliver product to market.In one example, oil tanker Cururo is taking the long way from Houston to Chile: sailing the length of South America's Atlantic coast, across the Strait of Magellan and heading up the Pacific coast before discharging…

Taking the Long Route: Panama Canal Logjam Slams Bulk Carriers

May 28, 2024

Capacity reduction on the Panama Canal have hurt dry bulk market, with dry bulk carrier transits down significantly (down 74% in the Q1 '24 vs. '23, with sailing distances up 31% and cargo volume down 25% year on year, according to BIMCO shipping analyst Filipe Gouveia…

Panama Canal to Increase Daily Transits to 27

Mar 11, 2024

In response to the current and projected level of Gatun Lake, the Panama Canal Authority has announced, through Notice to Shipping Lines No. A-08-2024, that it will increase the number of daily slots available in the Panamax locks.Two additional…

Panama Canal Does Not Plan Transit Restrictions Before April

Feb 07, 2024

The Panama Canal sees no need for further vessel transit restrictions until at least April, when its authority will evaluate water levels at the end of the dry season, Deputy Administrator Ilya Espino told Reuters.A severe drought last year…

Panama Canal Woes to Delay Grain Ships well into '24

Dec 11, 2023

Bulk grain shippers hauling crops from the U.S. Gulf Coast export hub to Asia are sailing longer routes and paying higher freight costs to avoid vessel congestion and record-high transit fees in the drought-hit Panama Canal, traders and analysts said…

Wabtec, Marinsa Win 20-Engine Deal for New Panama Canal Tugboats

Nov 28, 2023

Wabtec Corporation and Latin American Channel Partner, Marinsa International, signed a contract to supply the primary power for 10 new hybrid tractor tugboats for the Panama Canal Authority (ACP). Wabtec will deliver two 8L250MDA marine engines for each tugboat…

Panama Canal Trims Vessel Passage Quota again to Deal with Severe Drought

Oct 02, 2023

Daily ship crossings on the Panama Canal, one of the world's main maritime trade routes, will be reduced to 31 from 32 to soften the impact from a severe drought that is expected to last until next year, the authorities managing the canal said…

Panama Canal to Extend Transit Restrictions

Aug 25, 2023

The Panama Canal expects to maintain restrictions on daily vessel transit and maximum draft for at least 10 more months amid a prolonged drought that has lowered the water level, an official from the waterway said on Thursday.The canal's authority earlier this year began imposing restrictions…

Historic Drought, Hot Seas Slow Panama Canal Shipping

Aug 21, 2023

Before the Ever Max ship carrying lava lamps, sofas, Halloween costumes and artificial Christmas trees could make its inaugural Panama Canal voyage this month, a historic drought forced it to drop weight by offloading hundreds of containers…

Panama Canal Lowers Maximum Depth Limit Due to Drought

Apr 19, 2023

The Panama Canal will impose lower draft restrictions on the largest ships passing through the key global trade route due to falling water levels at nearby lakes that form part of the waterway, the canal authority said on Tuesday.The restrictions…

Fitch Affirms Panama Canal 'A' Investment Grade

Aug 20, 2019

For the fourth consecutive year, Fitch Ratings has affirmed the Panama Canal's 'A' investment grade rating with a stable outlook for its long-term issuer default rating and its senior unsecured notes.The credit rating agency noted that the Panama…

Ships from Venezuela can still transit Panama Canal

Aug 16, 2019

The Panama Canal will allow vessels coming from Venezuela to transit the waterway provided they present the necessary paperwork, the canal authority's chief said on Wednesday, suggesting a new round of U.S. sanctions on the South American country may not make any difference to canal traffic…

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