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Panama Canal Authority News

11 Mar 2024

Panama Canal to Increase Daily Transits to 27

Source: Panama Canal Authority

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…

07 Feb 2024

Panama Canal Does Not Plan Transit Restrictions Before April

Source: Panama Canal Authority

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…

31 Jan 2024

Navigating Disruption: CMA Shipping 2024 Unveils Agenda and Speaker Lineup

Knut Orbeck-Nilssen, Chief Executive Officer, DNV (Photo: CMA Shipping)

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.

21 Dec 2023

Panama Canal Reports No Traffic Increase Amid Red Sea Attacks

© evenfh / Adobe Stock

The Panama Canal Authority said on Thursday it has not seen a notable traffic increase due to the situation in the Red Sea, where attacks by Yemen's Houthi group are forcing vessels to divert or switch their transponders off.The hostilities have put a chokehold on ship passages through the Suez Canal, which handles about 12% of worldwide trade, and according to analysts could end up forcing some vessel owners to try to pass the Panama Canal even amid transit restrictions due to severe drought."To date…

11 Dec 2023

Panama Canal Woes to Delay Grain Ships well into '24

Copyright searagen/AdobeStock

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.The shipping snarl through one of the world's main maritime trade routes comes at the peak season for U.S. crop exports, and the higher costs are threatening to dent demand for U.S. corn and soy suppliers that have already ceded market share to Brazil in recent years.

28 Nov 2023

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

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. Image courtesy Wabtec

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.“Wabtec is delighted to power the new hybrid Panama Canal tugs with the 8L250MDA marine engines,” said Tammy Gromacki, Wabtec’s Vice President of Marine, Stationary and Drill. “We are honored, through our partnership with Marinsa…

31 Oct 2023

Panama Canal to Slash Booking Slots Due to Drought

© Jonathan / Adobe Stock

Daily ship crossings on the Panama Canal, one of the world's main maritime trade routes, will be further reduced over the coming months due to a severe drought, the authorities managing the canal said late on Monday.Booking slots will be cut to 25 per day between November 3 to November 6, the Panama Canal Authority (ACP) said in a shipping advisory, and will be gradually reduced further over the coming months to 18 per day beginning February 1, 2024.In recent months, the ACP has imposed various passage restrictions to conserve water…

02 Oct 2023

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

Credit: vintagepix/AdobeStock

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.The Panama Canal Authority (ACP) in recent months has imposed various passage restrictions to conserve water, including cutting vessel draft and daily passage authorizations, which are normally 36 per day.ACP said late on Friday that due to the ongoing water crisis…

12 Sep 2023

Panama Canal to Further Reduce Daily Transits if Drought Continues

© BlackMac / Adobe Stock

The Panama Canal could further reduce the maximum number of authorized daily vessel transits if this year's drought continues, the waterway's administrator said on Tuesday.A backlog of ships is waiting to pass through the trans-oceanic canal, which handles an estimated 5% of world trade. It began restricting vessel draft and daily passage authorizations this year to conserve water.Many vessels have had to lighten cargoes before passing, and freight costs have risen ahead of the Christmas shopping season.Up to 32 ships are currently authorized to transit every day…

01 Sep 2023

Panama Canal Water Levels Likely to Remain Exceptionally Low for Months

© Matthias Koch / Adobe Stock

Water levels in the Panama Canal are likely to remain exceptionally low for months despite forecasted short-term improvements, meaning no end in sight to the prolonged disruptions hampering vessels transiting the vital shipping artery.The Panama Canal Authority earlier this year began imposing restrictions on daily vessel transit and maximum draft amid a prolonged drought that has lowered the water level, causing a backlog of vessels waiting to pass. The authority said last week it expects to maintain restrictions for at least 10 more months.Isaac Hankes…

21 Aug 2023

Baltic Dry Index Down as Capesize Vessel Rates Fall

© InfinitumProdux / Adobe Stock

The Baltic Exchange's main sea freight index fell for a second straight session on Monday, weighed down by a dip in capesize vessel rates.The overall index, which factors in rates for capesize, panamax and supramax shipping vessels carrying dry bulk commodities, fell 14 points to 1,223.The capesize index fell 60 points, or 3.8%, to 1,538, its lowest in nearly four weeks.Average daily earnings for capesize vessels, which typically transport 150,000-tonne cargoes carrying commodities such as iron ore and coal, fell $503 to $12,752.The panamax index slipped 1 point to 1,541, snapping its 18-day w

21 Aug 2023

Historic Drought, Hot Seas Slow Panama Canal Shipping

Source: Panama Canal Authority

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.Weather-related disruptions denied the vessel, owned by Taiwanese shipping company Evergreen Marine, a chance on Aug. 1 to set a record for carrying the most containers through the vital maritime shortcut that connects the Pacific and Atlantic…

17 Aug 2023

Baltic Dry Index Nears Three-month Peak on Demand for Smaller Vessels

© Unkas Photo / Adobe Stock

The Baltic Exchange's main sea freight index rose to its highest level in nearly three months on Thursday, propelled by gains in smaller panamax and supramax vessels.The overall index, which factors in rates for capesize, panamax and supramax shipping vessels carrying dry bulk commodities, increased 14 points to 1,247, its highest since May 24.The panamax index gained 36 points, or 2.4%, to 1,522, continuing a 17-day winning streak.Average daily earnings for panamax vessels, which usually carry coal or grain cargoes of about 60…

16 Aug 2023

Panama Canal Extends Transit Restrictions through September 2

© BlackMac / Adobe Stock

The Panama Canal Authority on Wednesday notified shippers it is extending through September 2 restrictions for vessels to transit through the waterway and keeping the number of vessels authorized to pass per day to a maximum of 32.The Canal restrictions, implemented in recent months as the rainy season in Panama has come late this year, could add more pressure on consumer goods prices, according to maritime firms and experts, as delays and extra fees add to shipping costs.The Panama Canal is key for moving consumer goods from Asia to the United States…

08 Aug 2023

Association of Panamanian Shipowners Joins ICS

© Zerophoto / Adobe Stock

The Association of Panamanian Shipowners (ARPA) has become an associate member of the International Chamber of Shipping (ICS).Launched in 2020, ARPA was created by shipowners and operators of vessels to strengthen Panama’s shipping industry by offering quality support, professionalism, credibility, and active contribution to the social economic and environmental improvement of the country.This membership will build on the relationships across the maritime sector as the industry continues to work together to find solutions to collective issues including piracy…

25 Jul 2023

Drought-hit Panama Canal Restricts Daily Crossings in Water-saving Move

© cascoly2 / Adobe Stock

The Panama Canal will extend restrictions on ships' maximum depth, it said on Tuesday, and it has limited average crossings at one of the world's busiest trade passages to just 32 ships a day as a prolonged drought continues.The Panama Canal Authority (ACP) will maintain a depth limit of 44 feet, or 13.41 meters, for neo-Panamax container ships.In June, the authority put off further restrictions that would have brought depth limits up half a foot, meaning ships would have needed to lighten their loads to float higher.During Panama's rainy season…

06 Aug 2022

Less US Gas to Asia, Freeport Explosion Reduce LNG Vessel Transit Through Panama

© Mariusz / Adobe Stock

The Panama Canal has seen a 30% fall in the traffic of vessels carrying liquefied natural gas (LNG), driven by Asia's weak demand for U.S. LNG and limited exports from the U.S. Gulf Coast since a terminal explosion in June, the waterway's authority told Reuters this week.Second-largest U.S. exporter Freeport LNG's Texas plant continues shut since an explosion in early June and its partial restart is not expected until October, curtailing the U.S. export capacity, even amid buoyant demand in Europe.Before the incident…

09 Feb 2022

Panama Canal Sees Dip in LNG Carrier Transits

© Mariusz / Adobe Stock

Warmer temperatures this winter in Asia and higher gas demand in Europe are cutting demand for transit of vessels carrying liquefied natural gas (LNG) through the Panama Canal, the waterway's authority told Reuters on Wednesday.The canal overall is facing higher seasonal demand for vessel passage with an average of 39 ships per day, and it is working to accommodate vessels arriving without reservation for passage, the Panama Canal Authority added.(Reuters - Reporting by Elida Moreno, writing by Marianna Parraga)

19 Nov 2021

Pacific LNG Freight Spot Rates Hit Fresh Record High

© vladsv / Adobe Stock

Tanker rates to ship liquefied natural gas (LNG) across the Pacific hit a fresh record high on Friday as high demand for the U.S. super chilled fuel from Asia drives up the demand for vessels, industry sources told Reuters.The cost of chartering a vessel to carry a shipment of LNG from Australia to Japan jumped to a record high of $335,000 per day, according to data intelligence firm Spark Commodities.The jump comes ahead of the peak winter consumption season and is spurring concern among Asian buyers that colder-than-normal weather could be exacerbated by the shortage of ships…

29 Oct 2021

Flow of Goods Through Panama Canal Hits Record

© searagen / Adobe Stock

The Panama Canal moved more than a half a billion tonnes of goods over the last year, the canal's top official said on Thursday, marking a record high for the key global waterway as international trade picked up.Ricaurte Vasquez, the Panama Canal Authority's administrator, told reporters during a webcast news conference that 516.7 million tonnes of goods passed through the century-old waterway during the 2021 fiscal year, which ended in September."It's been an exceptional year," he said, noting it was the first time the canal transported more than 500 million tonnes of goods during the 12-mont

14 Apr 2021

Panama Canal Delays Fee Increases

© Matthias Koch / Adobe Stock

The Panama Canal Authority (ACP) announced Tuesday that it will postpone increasing canal transit fees following calls from the shipping industry to reconsider the rate hikes amid a spate of global supply chain disruptions.The higher rates for the canal's transit reservation system were scheduled to take effect on Thursday but will now start on June 1, allowing the maritime industry more time to prepare for the adjusted booking fees, ACP said. The proposed changes represent a minimum cost increase per transit reservation of $20…

28 Jun 2022

Panama Canal Authority Taps Kongsberg for New Navigation Simulators

K-Sim Navigation ship’s bridge simulators are used by the Panama Canal Authority to ensure maximum realism in training scenarios for building crew and operator sea skills - Credit: Bård Gudim

The Panama Canal Authority (ACP), which manages the 82 kilometers long Panama Canal that connects the Atlantic Ocean with the Pacific Ocean, has awarded Kongsberg Digital a contract to upgrade and extend the K-Sim Navigation simulators based in SIDMAR; the Center for Simulation, Research and Maritime Development of the Panama Canal Authority. Equipped with the new technology, the Panama City-based center will be able to include multiple vessels in training scenarios and extend the realism of the simulator training provided for pilots and tug masters…

22 Sep 2021

Top Global Firms Call for Zero Emissions Shipping by 2050

 Illustration - Image by Björn Wylezich/AdobeStock

More than 150 leading companies and organizations including oil majors and port authorities on Wednesday called for the global shipping industry to be fully decarbonized by 2050, urging governments to step up action warning time was limited.With about 90% of world trade transported by sea, global shipping accounts for nearly 3% of the world's CO2 emissions and the sector is under growing pressure to get cleaner.UN shipping agency the International Maritime Organization (IMO), has said it aims to reduce overall greenhouse gas (GHG) emissions from ships by 50% from 2008 levels by 2050…