GIA Expands Membership
The Panama Canal Authority and A.P. Moller – Maersk A/S are the latest entities to join the International Maritime Organization (IMO)-supported Global Industry Alliance to Support Low Carbon Shipping (GIA).According to the UN body, the GIA now has 18 members, including leading shipowners and operators, classification societies, engine and technology builders and suppliers, big data providers, oil companies and ports.The new members signed up to the GIA during the fifth meeting of the GIA Taskforce at IMO Headquarters in London…
Moody's Upgrades Panama Canal Rating
Moody’s Investors Service upgraded the 20-year $450 million Senior Unsecured Bonds issued by the Panama Canal Authority (ACP) to A1 from A2, with a stable outlook, based on the waterway's strong performance since the expansion's inauguration.Moody's noted that the Expanded Canal has increased overall tonnage and attracted new market segments, contributing to the waterway's strong performance. According to Moody's, "stronger cash flow generation coupled with a relatively low leverage…
Suez Canal Extends Bulker Toll Discounts
The Suez Canal Authority (SCA) has extended discounts concerning dry bulk vessels operating between American and Asian ports after considering “new changes in the global shipping market and the world economy”."SCA pays more attention to its users best interest, and has recently taken steps towards being the safest, most secure, most reliable and most competitive compared to other routes," said a press release.It said that the rebate granted to (Laden/Ballast) Dry Bulk Vessels operating between Americas' ports and Asian ports…
Panama Canal Appoints New Administrator
The Panama Canal Board of Directors announced the appointment of Ricaurte Vasquez as the next Panama Canal Administrator.According to a press note from the artificial 82 km waterway in Panama that connects the Atlantic Ocean with the Pacific Ocean, Vasquez will take office on September 4, 2019, succeeding current Administrator Jorge L. Quijano, who concludes his seven-year term at the helm of the waterway.The decision was made by the Board of Directors in accordance to an independent…
Moody's Rated Panama Canal with Stable Outlook
Moody's Investors Service reaffirmed the Panama Canal Authority's (ACP) A2 long-term rating with a stable outlook, based on its distinctive position as an infrastructure asset with a unique geographic advantage and business model, and its strong historical operational and financial performance.According to Moody's, the ACP's strong financial performance has resulted in better than anticipated financial metrics, driven by the successful operations of the Expanded Panama Canal.
Brazil’s Itaqui Port and Panama Canal Sign MOU
The Panama Canal has signed a memorandum of understanding with the Port of Itaqui to promote the shipment of grains and other cargoes in the commercial route from Brazil through the Panama Canal to destinations located in the Pacific Ocean.Itaqui, located in São Luís, Maranhão, is the Brazilian port closest to the Panama Canal. It has the infrastructure and connectivity necessary to move these exports to markets in Asia."With this agreement, the Panama Canal looks to promote…
ITF Warns on Tug Captains Fatigue at Panama
The International Transport Workers' Federation (ITF) warns that a major accident on the Panama Canal could be imminent, highlighting the serious health and safety concerns related to the fatigue of tugboat captains.The new report takes the Panama Canal Authority (PCA) to task with tiredness, rather than the protocols in place for the physical transfer of vessels as was the case previously.Fatigue of Panama Canal tugboat poses a major threat to safety in the operation of the canal’s Neopanamax locks…
Egypt Cuts Fees for Ships Arriving at East Port Said
Egypt will reduce the tariffs on container ships and ferries coming from foreign ports to East Port Said for a period of one year, the Suez Canal Authority said in a statement on Thursday.A 30 percent discount on port, docking and guiding fees will apply for vessels carrying less than 80,000 tonnes while those carrying more than that will receive a 40 percent discount, the statement said.Vessels carrying more than 50 containers will be eligible for a discount of up to 60 percent, but both rates cannot be applied at the same time, it said.The Suez Canal is the fastest shipping route between Eur
Panama Canal Sets Record Annual Cargo Tonnage
The Panama Canal closed its 2018 fiscal year with a record tonnage of 442.1 million Panama Canal tons (PC/UMS), which represents a 9.5 percent increase from the previous year, the Panama Canal Authority reports.With this tonnage, the Panama Canal surpasses the cargo projections of 429.4 million PC/UMS tons for FY 2018, as well as the 403.8 million PC/UMS tons registered in FY 2017."The Panama Canal continues to exceed our expectations, reinforcing every day the importance of the waterway's expansion and its impact on global maritime trade," said Panama Canal Administrator Jorge L. Quijano.
Panama Canal Modifies Reservation System
The Panama Canal will implement, from October 1, changes in the transit reservation system for the new neopanamax locks, which includes a restructuring of payment fees for the natural gas segment liquefied (LNG), in order to optimize the use of the interoceanic route.A press release from Panama Canal Administration (ACP) said that the modifications "are a positive step for the neopanamax locks", and take into account the lifting of certain rules of navigation to LNG ships, as well as the comments of customers.In order to maximize the benefits of these new navigation rules…
S&P Upgrades Panama Canal's Outlook
Two years after the inauguration of the Expanded Panama Canal, Standard & Poor's (S&P) Global Ratings revised its outlook on the Panama Canal from ‘stable’ to ‘positive’ – demonstrating the global impact of the historic waterway. The rating agency also affirmed its 'A-' rating for the Panama Canal, ranking the ACP two notches above that of the sovereign foreign currency rating. The Panama Canal's outlook indicates the rating agency's expectation that it will generate relatively stable annual earnings before interest…
Egypt Denies Suez Canal Seeks 300 mln Euro Loan
Egypt's government denied in a statement on Thursday that the Suez Canal Authority was seeking a 300 million euro loan from Gulf lenders. Three senior banking sources that did not wish to be named had told Reuters last week that the authority requested a loan from Gulf banks in order to purchase two dredgers. "The Suez Canal has not borrowed any money from any foreign banks, and everything that had been mentioned about this issue is nothing but baseless rumours," the government statement said.
Suez Canal Seeks 300 mln euro Loan
Egypt's Suez Canal Authority is seeking a 300 million euro ($350.19 million) loan from Gulf banks, three senior banking sources told Reuters on Tuesday. The loan will be used to finance the purchase of two new dredgers, the sources said. The authority had signed a contract with Dutch firm Royal IHC for the equipment last year but failed to secure funding from local banks. The sources provided no further details and the Canal authority could not be immediately reached for comment. Reporting by Ehab Farouk
Op/Ed: Continuous Improvement for the US Salvage Indsutry
U.S. salvage industry update: Coast Guard recognition and continuous improvement for the domestic salvage industry and its working professionals.Professional salvors are called in when the ship’s crew is overwhelmed – the last resort to protect lives, minimize environmental impacts and save the ship and cargo. These salvage masters, divers, firefighters, naval architects, heavy lift operators and other salvage team members regularly go into harm’s way and consistently perform incredible feats. They commit their lives and livelihoods to this work.
ITF on Reducing Crew on Panama Canal Tugs
The International Transport Workers’ Federation (ITF) has been made aware of a communication sent on 30 May 2018 by the Panama Canal Authority (ACP) to the Union de Capitanes y Oficiales de Cubierta (UCOC) about reducing the tug’s complement to the minimum manning established by the Panama Maritime Authority. The ACP has informed the UCOC that from 1 July 2018 there will be further reductions to the crew with the removal of the additional captain. This position is currently part of the forward tug’s crew since the opening of the new locks in 2016.
Panama Canal Sets Monthly Tonnage Record
Yesterday, for the third time since the inauguration of the Expanded Canal, the Panama Canal set a new monthly tonnage record of 38.1 million tons (PC/UMS) after facilitating the transit of 1,231 vessels in May 2018.The previous record was established in January 2017, when 1,260 vessels transited 36.1 million tons (PC/UMS) through the waterway, just a month after setting the record with 35.4 million tons (PC/UMS) transited by 1,166 vessels in December 2016.The containership segment contributed highest tonnage (36 percent)…
Panama Canal Nominated as Finalist for Lloyd’s List’s Environment Award
Panama Canal was honored as a nominee for the 2018 Lloyd's List Americas Awards' Environment Award in recognition of its pioneering Green Connection Environmental Recognition Program and related initiatives. Representatives from the Panama Canal Authority were among a series of key maritime figures celebrated at the gala event last night in Houston, Texas. The Environment Award, presented by London-based maritime industry publication Lloyd's List, acknowledges exceptional programs working to reduce pollution in the marine environment caused by maritime sources.
DP World to Develop Egypt Port Terminal
A Memorandum of Understanding (MoU) agreed by DP World, Egypt’s Holding Company for Maritime and Land Transport and the Suez Canal Authority is aiming to develop a new Inland Container Depot (ICD) in Egypt’s 6th of October City, a satellite town in the Giza Governorate and part of the urban area of Cairo. The three partners will bid for the government contract for the project later this year. The proposed ICD will increase the flow of cargo between ships and major land transportation networks in the country, creating a central distribution point.
Suez Canal Revenues Rise to $5.3 Bln
Egypt's Suez Canal revenues rose to $5.3 bln in 2017 from $5 bln in 2016, a statement by the Canal authority said on Thursday. The canal is the fastest shipping route between Europe and Asia and one of the Egyptian government's main sources of foreign currency. Its revenues were at $462.7 million in Nov. 2017. Reporting by Youssri Ahmed; Writing by Nadine Awadalla
Panama Canal Expects LNG Tanker Traffic to Rise 50%
The number of liquefied natural gas (LNG) tankers traversing the Panama Canal is expected to jump 50 percent by September due to rising exports of the fuel from the United States, the head of the canal's governing agency told Reuters. After adding a third set of locks in 2016, the Panama Canal Authority expects that growing global demand for LNG will boost transit through the waterway, said Jorge Quijano, head of the authority. Demand for LNG has taken off in recent years because of abundant supplies of natural gas…
DP World Moves Ahead with Suez Canal Industrial Zone
Dubai-based ports operator DP World has inked an agreement with the Suez Canal Authority and the Suez Canal Economic Zone (SCZone) to launch the first phase of an integrated industrial and residential zone in Sokhna. The framework agreement, which establishes a clear timetable of actions required to execute the first phase of the project spanning 30 square kilometres, was signed by Sultan Ahmed Bin Sulayem, Group Chairman and CEO of DP World and Admiral Mohab Mamish, Chairman of the Suez Canal Authority and the Suez Canal Economic Zone (SCZone).
Brazilian Grain Producers Explore Increased Use of Panama Canal
Brazilian farmers in top soy state Mato Grosso signed a memorandum of understanding with the Panama Canal Authority to evaluate ways to cut transportation costs and boost Brazilian grain volumes using the waterway, the authority's chief administrator said. The canal's administration is looking to increase its participation in rising Brazilian grain exports, since a large part of grain trade expansion in Brazil is via new terminals in the northern part of the country, which are closer to the canal.
Panama Canal LNG Volume Soars as Global Demand Grows
The Panama Canal may carry five times as much liquefied natural gas (LNG) in 2020 as it did last year as production of the fuel expands in the United States and Asian import demand rises, the head of the canal's governing agency told Reuters.LNG volumes traversing the Canal could hit 30 million tonnes a year before the end of 2020, said Jorge Quijano, who leads the Panama Canal Authority, up from 6 million tonnes last year.Demand for LNG has risen significantly in the last three years as the increase of supply…