The Panama Canal News

The Panama Canal is in talks with U.S. liquefied natural gas (LNG) producers on how to meet increased demand for crossings as water levels recover after a prolonged drought, the canal's administrator Ricaurte Vasquez told Reuters in an interview.The canal is typically used by U.S. Gulf Coast exporters to send LNG cargoes to Asia via the Pacific Ocean, but from last year low water levels forced cuts to daily crossings, driving many producers to seek more costly or longer alternative routes.In April…

The El Nino climate phenomenon, not climate change, drove lower rainfall last year that reduced the Panama Canal's water levels and contributed to shipping restrictions that disrupted global trade, a study released on Wednesday found.Prioritizing water for human consumption rather than for the canal also played a role in shipping restrictions, according to the study by research consortium World Weather Attribution.Panama experienced its third-driest year on record in 2023, leading…

BIMCO has released its Dry Bulk Shipping Market Overview & Outlook for April 2024, predicting that the supply/demand balance should strengthen in 2024, but weaken in 2025.This would be the result of ships returning to the Red Sea and Panama Canal, shortening sailing distances.Supply is forecast to grow 2.5% in 2024 and 2.0% in 2025. Growth is slowing due to lower deliveries, reports, Niels Rasmussen, BIMCO’s Chief Shipping Analyst.The fleet is expected to grow 4.9% between end 2023 and end 2025, the slowest it has grown since 2016. Ship recycling is expected to stay low.

The shipping industry's pledge to limit its carbon footprint may suffer a setback as the current Red Sea crisis prompts it to use more vessels and take longer routes to ensure the smooth sailing of global maritime trade.Iranian-backed Houthi militants' attacks on vessels passing through the southern Red Sea have choked trade through the Suez Canal, driving many container shipping companies to add 10-14 days to the voyages between Asia and Europe and add more vessels.The disruption…

The collapse of the Francis Scott Key Bridge in Baltimore has caused supply chain disruption on the US East Coast but, so far, it has not seen an increase in ocean freight container shipping rates.Data released Monday by Xeneta reveals average spot rates from the Far East into the US North East Coast (including Baltimore) have fallen slightly (-1%) since the bridge collapse on March 26 to stand at USD 5,421 per FEU (40ft shipping container).When including other US East Coast ports such as New York / New Jersey…

Crowley Maritime Corporation has owned and operated a lot of vessels since its founding in 1892. But the latest vessel to join its fleet is unlike any other that has come before it.Crowley’s new harbor tug, eWolf, is unique in that it runs 100% powered by batteries, not diesel engines, meaning it produces zero emissions and nearly no noise. Not only is the vessel the first fully electric tug in the Crowley fleet, but it is also the first of its kind in the United States.Faced with stricter regulations and commercial pressure to prioritize environmental…

The catastrophic bridge collapse that closed the Port of Baltimore to ship traffic is unlikely to trigger a major new U.S. supply chain crisis or spike goods prices, due to ample and growing spare capacity at competing East Coast ports, economists and logistics experts say.With six people still missing after a container ship collision destroyed the Francis Scott Key Bridge, it remained unclear how long the span's twisted superstructure would block the harbor's mouth.But port officials…

Ships sailing to the U.S. port of Baltimore dropped anchor in waters nearby while vessels were stranded inside the port after traffic was halted following a bridge collapse, shipping data showed on Tuesday.A 948-foot container ship smashed into a four-lane bridge in the port in darkness early on Tuesday, causing it to collapse and sending cars and people plunging into the river below.Port traffic was suspended until further notice, Maryland transportation authorities said.At least 13 vessels that were expected to load coal were anchored near to Baltimore port…

At least 10 commercial ships that were sailing to the U.S. port of Baltimore have dropped anchor in waters nearby, data from ship tracking and maritime analytics provider MarineTraffic showed on Tuesday.A container ship smashed into a four-lane bridge in the port on Tuesday, causing it to collapse and sending cars and people plunging into the river below.Port traffic was suspended until further notice, Maryland transportation authorities said.The vessels that anchored included container and bulk carrier ships that were signaling their destination as Baltimore…

The containership allision that caused the collapse of the Francis Scott Key Bridge in Baltimore could cause "significant disruption" to shipping supply chains, according to industry analyst Xeneta.The 10,000 TEU Singapore-flagged Dali was operating on a 2M alliance service between Baltimore and the Far East when it struck the bridge around 1:35 a.m. on Tuesday, sending cars and people plunging into the river below."The immediate focus is the rescue operation, but there will clearly…

Weathernews Inc. has launched its Berth Waiting Forecast which seamlessly integrates business data from shipping companies with precise weather insights to enable users to accurately predict the status of delayed ships at ports.In maritime operations, adverse weather conditions such as strong winds, high waves, and tropical cyclones frequently disrupt cargo handling operations at ports, leading to operational adjustments and increased fuel consumption. Weathernews' Berth Waiting…

Rising oil tanker chartering rates due to global shipping disruption are forcing oil shippers to take on longer-term shipping charters, executives said this week at an energy conference in Houston.The global oil tanker fleet must now travel further to get crude to refineries and fuel to consumers. European sanctions have forced Russian exporters to send oil to Asia that would have otherwise gone to Europe. Attacks on vessels in the Red Sea have forced some shippers to sail around…

Since 2006, the average container ship has doubled in size to 4,580 TEU and ships with a capacity of more than 12,000 TEU has accounted for 51% of the fleet’s capacity expansion. Today, just 626 ships provide 36% of the fleet’s capacity, and the trend is set to continue as the large ships dominate the order book, says Niels Rasmussen, Chief Shipping Analyst at BIMCO.When the Emma Maersk was delivered in August 2006, the ship was by far the largest container ship in the world. It is 400 metres long, 56 metres wide and has a capacity of about 17,800 (14,000 TEU when delivered).

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 slots will be offered by auction for transit dates scheduled starting March 18, and one additional slot will be available for transits scheduled starting March 25. This will bring the number of transits from 24 to 27.These measures allow the majority of ships that wish to transit the Canal to have a better chance of obtaining a reservation…

Risk is the "new normal" for the global ocean shipping industry that handles 80% of global trade as pressure from geopolitical tensions, rising protectionism and climate change mounts."There are going to be global tensions ... and I think global dangers, at a level we haven't seen since the end of World War II," former U.S. Defense Secretary Robert Gates said at the opening of S&P Global's TPM24 container shipping conference in Long Beach, California, on Monday.Houthi missile and drone attacks on merchant ships in the Red Sea and Gulf of Aden are top of mind…

The US Federal Maritime Commission (FMC) held an informal public hearing examining impacts from attacks on merchant shipping in the Red Sea and Gulf of Aden on February 7.Opening the hearing, Commissioner Carl Bentzel, voiced concern about safe access through both the Suez and Panama Canals.“What is at stake is severe international economic disruption. The United States is still recovering from the aftershock of the pandemic induced supply chain disruption that that saw 30% increases…

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 forced the canal to reduce the number of vessels allowed to pass per day. In December, rains in the last quarter of the year allowed the waterway to suspend further restrictions that would have been applied in January.In recent months, attacks to ships at the Red Sea have prompted many vessel owners to take longer routes to and from Asia…

C-Suite leaders of ABS, Panama Canal Authority, BIMCO, INTERCARGO, IACS, DNV, Stena Bulk, Hapag-Lloyd, IBIA, International Seaways and many more have been announced for the conference lineup at CMA Shipping 2024.With just six weeks to go, eager anticipation is growing for the 39th edition of CMA Shipping taking place in Stamford, Conn., from March 12-14, 2024.The conference agenda promises to highlight pertinent issues surrounding the future of shipping, and how the industry can navigate challenges such as the energy transition, crewing and education, safety and compliance.

Freight going through the Suez Canal has dropped by 45% in the two months since attacks by Yemen's Houthis led shipping groups to divert freight, disrupting already strained maritime trading routes, according to UN agency UNCTAD.UNCTAD, the United Nations Conference on Trade and Development, which supports developing countries in global trade, warned of risks of higher inflation, uncertainty of food security and increased greenhouse gas emissions.Shipping companies have diverted ships from the Red Sea since the Iran-aligned Houthi movement…

The Panama Canal announced that Deputy Administrator Ilya Espino de Marotta will now also serve as the Canal’s first Chief Sustainability Officer (CSO).As CSO, Espino de Marotta will spearhead the development of a comprehensive sustainability strategy focused on decarbonization, adaptation, and transition. Working with the International Finance Corporation (IFC), part of the World Bank Group, the Canal is already in the process of finalizing an inventory of its greenhouse gas (GHG) emissions and aims to complete a climate risk assessment by the end of the year.

Automakers Tesla and Geely-owned Volvo Car said they were suspending some production in Europe due to a shortage of components, the first clear sign that attacks on shipping in the Red Sea are hitting manufacturers in the region.The United States and Britain launched a series of strikes on Yemen on Thursday, aimed at the Iran-backed Houthi militia whose attacks on international shipping have disrupted one of the world's most important shipping routes.Container shipping rates jumped…

The Panama Canal's toll revenues have dipped by about $100 million per month since last October, the canal's administrator said on Wednesday, adding that if the trend continues reduced income from tolls could total some $700 million by around April.The falling revenue stems from drought conditions that have forced the canal's managers to impose shipping restrictions on the more than century-old waterway, a key global trade route linking the Pacific and Atlantic Oceans.The canal's fiscal year begins in October, and runs through September.Canal Administrator Ricaurte Vasquez described the contin

Ocean and air freight rate benchmarking and intelligence platform Xeneta has appointed Tonia Luykx to spearhead its journey to drive revenues through an industry data revolution.Luykx, who has a track record for building and scaling SaaS and tech businesses including Sift, Google, Dropbox and Amazon, has now set her sights on global logistics in the position of Chief Revenue Officer at Oslo-based Xeneta.She said, “I have always worked in organizations that challenge the status quo…