Expanded Panama Canal News

Plaquemines Port Harbor and Terminal District announced it signed a letter of intent (LOI) with APM Terminals (APMT) to build a container terminal on the West Bank of Plaquemines Parish, La.Plaquemines Port will lease the land to APM under a 30-year agreement with extension options. APMT, one of the largest terminal operators in the world and is a subsidiary of shipping giant A.P. Moller-Maersk, estimates the initial investment in terminal infrastructure will be approximately $500 million…

On 29 June, Professor Maximo Q. Mejia, Jr. assumed office as the eighth President of the World Maritime University (WMU). Appointed by the Secretary-General of the International Maritime Organization (IMO), who also serves as Chancellor of the University, President Mejia assumes the role of Chief Executive Officer, overseeing and directing the academic programmes, operations and administration of the University. Professor Mejia is the first President from Asia and the first President who is a graduate of WMU.Regarding his appointment…

After a 30-day voyage from Altinova, Turkey, SAAM Towage's newest tug SAAM Palenque has arrived in Colón, Panama, where the company provides towage services on the Atlantic and Pacific coasts.SAAM Towage Country Manager in Panama, Matia de Luiggi said, “We have been eagerly awaiting the arrival of this new tug, which will be an important reinforcement for our fleet. A compact vessel with advanced fire-fighting systems, it has all the technical specs for safely, efficiently serving…

William P. Doyle is the incoming Executive Director of the Maryland Port Administration. A former U.S. Federal Maritime Commissioner, Doyle currently serves as CEO & Executive Director of the Dredging Contractors of America – and the group's member companies have recently made a series of announcements to build new dredges of several types and sizes. We caught up with the incoming Port of Baltimore head to discuss his initial goals for the new role. How do you feel about being selected the head of MPA and Executive Director of the Port of Baltimore?I feel terrific.

The end of the 2019 saw some unprecedented funding measure pass through Congress and signed into law by President Trump. The Gulf and East Coast have continued to receive significant funding to help deepen and widen navigational channels and gateways. One of the projects passed into law included the Gulf Coast Regional Demonstration Project. Some of the ports receiving funding and underway include Mobile, Baltimore, Houston, Port Everglades and Norfolk. All these projects funded by Congress draw a direct correlation to the expanded Panama Canal.

Japanese shipbuilder Kawasaki Heavy Industries (KHI) delivered the Crystal Angel, an 82,200 m3 capacity liquefied petroleum gas (LPG) carrier, for the Singapore based shipowner and operator Kumiai Navigation.According to a KHI release, this is the 61th LPG carrier and the 12th vessel of the same type to be built by the company.Crystal Angel adopts Kawasaki's indegenously developed bow shape called SEA-Arrow, which significantly improves propulsion performance by minimizing bow wave resistance."The main engine powering the vessel is an energy-efficient, electronically-controlled, ultra-long-stroke, two-stroke low-speed diesel engine," the release claimed.In addition…

Japan's Kawasaki Heavy Industries (KHI) has delivered the Phoenix Gaia, an 82,200 m3 capacity liquefied petroleum gas (LPG) carrier, for Phoenix Tankers Pte. Ltd.According to a press note from the shipbuilder, Phoenix Gaia is the 60th LPG carrier and the 11th vessel of the same type to be built by the company.This vessel adopts Kawasaki's indegenously developed bow shape called SEA-Arrow, which significantly improves propulsion performance by minimizing bow wave resistance.The release said that the main engine powering the vessel is an energy-efficient, electronically-controlled, ultra-long-stroke, two-stroke low-speed diesel engine.In addition…

Japanese public multinational corporation Kawasaki Heavy Industries (KHI) has delivered the Marvel Pelican, a 155,000 m3 capacity liquefied natural gas (LNG) transport vessel for use by Mitsui O.S.K. Lines (MOL).The second of Kawasaki's line of 155,000 m3 capacity LNG carriers to be commissioned, this ship is designed to enable passage through the newly expanded Panama Canal, which opened for full operations in 2016.The Marvel Pelican will be used by MOL primarily to transport LNG procured via the American Cameron LNG Project in the U.S. state of Louisiana.While preserving hull dimensions to enable docking at major LNG terminals around the world…

Mitsubishi Shipbuilding, a Mitsubishi Heavy Industries company based in Yokohama, christened Mitsui & Co.(MOL) liquefied natural gas (LNG) carrier named Marvel Heron.The 297.5-meter-long vessel is Mitsubishi Shipbuilding's newest carrier that achieves significant improvements in both LNG carrying capacity and fuel performance through adoption of a more efficient hull structure and an innovative hybrid propulsion system.After completion scheduled in September, the Marvel Heron will go into service primarily transporting LNG for the Cameron LNG Project, in which Mitsui is a participating partner.The christening ceremony was held at the Koyagi Plant of MHI's Nagasaki Shipyard & Machinery Works.

The Shanghai port has topped UNCTAD’s 2019 ranking of the world’s best-connected ports, released yesterday (7 August).The Chinese port garnered a connectivity score of 134 points, followed by the ports of Singapore (124.63 points), Pusan (114.45 points) in Korea and Ningbo (114.35 points), also in China. The index is set at 100 for the best-connected port in 2006, which was Hong Kong, China.Besides the Asian ports, the other ports on the top 10 list are those of Antwerp (94 points) in Belgium and Rotterdam (93 points) in the Netherlands. None of the ports in the top 20 list are from Africa, Latin America, North America or Australasia.“A container port’s performance is a critical factor that can determine transport costs and…

In June 2016, the Panama Canal Authority, the body that operates the Panama Canal, opened a third set of locks that facilitated transit of larger ships, the first such expansion since the canal was completed in 1914.In the years since the canal was expanded, the largest change in petroleum flows through the canal has been the increase of hydrocarbon gas liquids (HGL), especially propane, from the U.S. Gulf Coast to destinations in Asia. HGL represents all natural gas liquids (NGL) and olefins.Most of the petroleum transiting the Panama Canal travels southbound from the Atlantic Ocean to the Pacific Ocean. Flows of HGL are the largest single petroleum commodity transiting the canal, according to data from the Panama Canal Authority.

Kawasaki Heavy Industries delivered the Maple Gas, a 82,200 m3 capacity liquefied petroleum gas (LPG) carrier, for Astomos Energy.The shipbuilder said that this is the 57th LPG carrier and the eighth LPG vessel of the same type to be built by the company.Maple Gas (length: 229.9 m, gross tonnage: 46,851) adopts Kawasaki's uniquely developed bow shape called SEA-Arrow, which significantly improves propulsion performance by minimizing bow wave resistance.The main engine powering the vessel is an energy-efficient, electronically-controlled, ultra-long-stroke, two-stroke low-speed diesel engine. In addition, the Kawasaki rudder bulb system…

Mitsubishi Shipbuilding Co., Ltd., a group company of Mitsubishi Heavy Industries, Ltd. (MHI) based in Yokohama, held a christening ceremony on March 12th for a liquefied petroleum gas (LPG) carrier currently under construction for JX Ocean Co., Ltd. The new ship, named Future Ace, will be the twelfth of Mitsubishi Shipbuilding's latest third-generation, 83,000m3-class LPG carriers. In addition to increased energy-efficiency, the ship will have the capability to adapt flexibly to major LPG terminals worldwide, as well as specifications compatible with the new expanded Panama Canal.

Japanese manufacturer Kawasaki Heavy Industries (KHI) delivered the Shinshu Maru, a 177,000 m3 capacity liquefied natural gas (LNG) transport vessel for use by Trans Pacific Shipping 7 Limited.Trans Pacific Shipping 7 is a joint venture between JERA Co., Inc. and Nippon Yusen Kabushiki Kaisha (NYK Line)."This large-scale LNG carrier is equipped with four independent Moss LNG tanks for a total cargo capacity of 177,277 m3. By increasing the LNG tank diameter to the maximum installable limit and utilizing stretched tanks, Kawasaki has successfully expanded the maximum LNG carrying capacities of carriers designed to pass through the newly expanded Panama Canal…

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. The credit rating agency noted the Canal's strong operating track record and robust growth after the Expansion.Factoring into its decision, Moody's cited "the Canal's…

Mitsubishi Shipbuilding Co.held a christening ceremony for a liquefied petroleum gas (LPG) carrier currently under construction for Astomos Energy Corporation. The christening ceremony was held at the Koyagi Plant of MHI's Nagasaki Shipyard & Machinery Works for the ship named “Laurel Prime” by Seiya Araki, president of Astomos Energy Corporation.NYK has traditionally given LPG carriers two-word names that begin with the letters “L” and “P” respectively. This ship was named Laurel Prime with the wish that it will represent superior achievement and honor…

The Mississippi River Ship Channel could be the first port complex on the Gulf Coast to reach a depth of 50 feet now that the Director’s Report has been signed by the U.S. Army Corps of Engineers. Elected officials and industry leaders have long worked to increase the channel’s depth to 50 feet, which is the same depth of the expanded Panama Canal.In signing the Report, Corps of Engineers Director of Civil Works James C. Dalton stated the project is “economically justified and…

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, taxes, depreciation, and amortization (EBITDA) due to transit growth, made possible by favorable trends in world trade commerce and the consolidations of the Neopanamax Locks’ operations.

Great Lakes Dredge & Dock Corporation (Great Lakes), provider of both dredging services in the United States and environmental and infrastructure services, announced the receipt of a several dredging awards totaling $164 million. the Delaware River Deepening Variation Order (Capital, Delaware, $14.3 million). The scope of work for the four coastal protection projects includes sustenance of beachfronts with sand excavated from off-shore borrow which is then used to rebuild dunes and restore the shorelines eroded by winter storms.

In the two years since its inauguration, the Expanded Panama Canal continues to offer record growth across segments and rising trade opportunities around the world. The Panama Canal marked the two-year anniversary of the inauguration of its Canal Expansion, the largest enhancement project in the waterway's 103-year history, on June 26. To date, the Canal has transited 3,745 Neopanamax vessels, traffic that confirms the route's efficiency and the maritime industry's confidence in the Expanded Canal. "Two years ago, we pledged to usher in a new era for world commerce," said Panama Canal Administrator Jorge L. Quijano. The performance of the Expanded Canal's Neopanamax Locks continues to exceed expectations.

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.

Korean carrier Hyundai Merchant Marine (HMM)’s expansion plans are incompatible with market stability. Will it settle for more limited ambitions? An Analysis by Drewry. South Korean carrier Hyundai Merchant Marine (HMM) is back in the news with an impending order for as many as 14 Ultra Large Container Vessels (ULCV) of 22,000 teu and for its intriguing re-entrance into the Asia-Europe market as a vessel provider, with reports suggesting a new standalone service called Asia Europe Express (AEX) using 10 Classic Panamax ships of 4,700 teu will commence in April. The AEX ships would be the smallest deployed on the route that is usually reserved for ULCVs…

For 2018, the world containership fleet is expected to grow in step with global demand, according to BIMCO’s latest container shipping market outlook. Having experienced falling freight rates from August to year-end in 2017, most liner companies were successful in pushing rates higher in early January 2018. Most of them managed to hold onto most of the gains they achieved, considering October and November were challenging in terms of very low demand growth. The weak demand came from the Far East to Europe trade, and on the Intra-Asian transport.