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Tuesday, March 19, 2024
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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…

04 Mar 2024

Egypt Studying Further Expansion of Suez Canal

© Nancy Pauwels / Adobe Stock

Egypt is studying further expansions of the Suez Canal to extend and complete a second channel of the waterway, the canal's head said on Monday, a move that could allow for higher volumes of shipping and prevent blockages from halting traffic.The comments come as the canal is seeing a sharp fall in revenue due to shipping companies diverting away from the waterway, the shortest route between Europe and Asia, because of attacks by Houthi militants in Yemen against ships in the Red Sea.Any new extension would come on top of current work to extend the second channel by 10 kilometers, and to deepe

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.

22 Jan 2024

Suez Canal Authority Carries Out Repairs to Missile-hit Vessel

(Photo: Suez Canal Authority)

Egypt's Suez Canal Authority said on Monday it had conducted repair work on a missile-hit Greek dry-bulk carrier, highlighting its readiness to restore damaged ships passing through the Red Sea.The Malta-flagged, Greek-owned vessel Zografia had berthed at a floating dock of the authority-affiliated Suez Shipyard Company for repairs after the ship's hull and some components sustained external and internal damage in a Jan. 16 attack by Yemeni Houthi forces.The vessel was sailing…

11 Jan 2024

Suez Canal Revenues Down 40% Due to Houthi Attacks

© Alexey Seafarer / Adobe Stock

Dollar revenues from Egypt's Suez Canal are down 40% from the beginning of the year compared to 2023, canal authority head Osama Rabie said on Thursday, after attacks on ships by Yemen's Houthis caused major shippers to divert away from the route.Ship traffic was down 30% in the period between Jan. 1 and Jan. 11 compared to a year prior, Rabie said, speaking on a late night talk show.The number of vessels to pass through the Suez Canal dropped to 544 so far this year, from 777 in the equivalent period of 2023…

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…

17 Dec 2023

Suez Canal Authority Monitoring Tensions in Red Sea

Source: Suez Canal Authority

Egypt's Suez Canal Authority said on Sunday it was closely monitoring the impact of tensions in the Red Sea after recent attacks by Yemen's Houthis on vessels in the southern part of the basin.Two major freight firms, MSC and CMA CGM, said on Saturday they would avoid the Suez Canal as Houthi militants stepped up their assaults.The authority is "closely following the consequences of current tensions," the body's chairman, Osama Rabie, said in a statement. Maritime traffic in the canal was currently normal…

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.

08 Dec 2023

US LNG Exports Through Panama Canal Shrink, Asia-Europe Spreads Widen

© Mariusz / Adobe Stock

The number of U.S. liquefied natural gas (LNG) vessels transiting the Panama Canal to Asia halved in November compared with a year ago as Asia prices for the gas this week traded at their steepest premium to European prices in nearly two years.A severe drought has cut vessel traffic through the canal, increasing costs for shippers that take alternative routes or pay extra fees for auctioned slots in Panama. Further restrictions on canal transits likely will put more cargoes on lengthier routes…

06 Dec 2023

Containership Strikes Floating Bridge in the Suez Canal

© Mariusz / Adobe Stock

A container ship collided with a floating bridge in the eastern lane of the Suez Canal on Wednesday but the passage of ships through the waterway was not interrupted, the Suez Canal Authority (SCA) said.Tugboats helped the One Orpheus after it suffered a fault with its rudder while transiting the canal on its way from Singapore to the Netherlands, the authority said in a statement.The incident occurred in the eastern lane of the middle section of the canal, built as an expansion that was completed in 2015.Convoys of ships coming from the south were diverted along the original branch of the can

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…

26 Nov 2023

Panama Canal Announces Special Auction Slot Starting Saturday

Source: Panama Canal

The Panama Canal, one of the world's main maritime trade routes, announced on Friday it is launching a special auction slot on Saturday, as it battles a severe drought that has forced it to reduce daily ship crossings."The purpose of this measure is to provide greater opportunity of obtaining a slot for vessels in the Panamax Locks that have been waiting in the transit queue for an extended period," the canal's authority said in a statement.Water levels in Gatun Lake, the rainfall-fed principal reservoir that floats ships through the Panama Canal's lock system, have declined to unprecedented l

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…

06 Sep 2023

Panama Canal Water Levels at Historic Lows, Restrictions to Remain

© Arthur / Adobe Stock

The Panama Canal's water levels have not recovered enough as the end of the rainy season approaches and limits on daily transit and vessel draft will stay in place for the rest of the year and throughout 2024, the waterway's authority said on Tuesday.The restrictions, implemented earlier this year to conserve water amid prolonged drought, triggered a backlog of ships waiting to pass the key global waterway, which handles an estimated 5% of world trade, contributing to more expensive…

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…

25 Aug 2023

Panama Canal to Extend Transit Restrictions

© searagen / Adobe Stock

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, causing a backlog of vessels waiting to pass. The curbs have forced vessel owners to lighten cargoes or shift to alternate routes as freight costs increase for some routes.The extension of the restrictions would give the canal room for preserving water before the next rainy season arrives…

23 Aug 2023

Suez Canal Ship Traffic Unaffected After Tanker Collision

(Photo: Suez Canal Authority)

Normal traffic is expected to resume through the Suez Canal within hours, the head of the canal authority said on Wednesday, following the collision of two vessels."Slight contact" was made after LNG carrier BW Lesmes made a sudden stop due to a technical failure that coincided with a strong current that drove oil tanker Burri towards it, authority chairman Osama Rabie said.The canal authority responded by sending tugboats to move both ships, he said.Singapore-flagged BW Lesmes was successfully towed outside of the waterway…

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…

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