The Panama Canal Authority is considering seeking greater compensation for canceled bookings during peak seasonal demand periods, as it works to add a third daily reserved transit slot for LNG Continue Reading
A new monthly record was set in January for LNG tanker transits of the Panama Canal, as US shipments to Asia surged, according to the operator of the Canal. Receive Continue Reading
LNG tankers passing through the Panama Canal without a reservation faced average wait times of more than a week Jan. 22, continuing the constraints that began in earnest in October. Continue Reading
Average Panama Canal passage wait times for Asia-bound LNG tankers from the US Gulf Coast without reservations are up to 13 days, the Panama Canal Authority has reported. Receive daily Continue Reading
The Panama Canal Authority may add additional reserved LNG transit slots in the future to address the increase in US exports via the shortest route from the Gulf Coast to Continue Reading
The implementation of new freshwater conservation surcharge at the Panama Canal on February 15 has doubled typical wait times for clean tankers at the Canal in recent weeks, and higher Continue Reading
At the end of last year, the Panama Canal had a problem: too much water. Torrential rains had swollen its main water source, the artificial Lake Gatun, beyond capacity, forcing Continue Reading
A severe drought in Panama has resulted in lower water levels in the Panama Canal, forcing some shippers to limit the amount of cargo their largest ships carry so they Continue Reading
The Panama Canal Authority announced a new maximum draft restriction of 43 feet, or 13.11 meters, the sixth since January, in the Gatun Lakes, which will come into effect May Continue Reading
The number of LNG tankers through the expanded Panama Canal in 2018 increased 77% year on year, according to the Panama Canal Authority. Looking at the volume of LNG carriers Continue Reading
The Panama Canal Authority has reduced the maximum authorized draft for vessels transiting the Neopanamax locks for the fifth time this year, following a serious drought that has reduced water Continue Reading
US residual fuel oil exports to Panama totaled 943,000 barrels in January, up more than three times from 303,000 barrels in the year-ago month, Energy Information Administration data showed Thursday. Continue Reading
The Panama Canal Authority’s new maximum draft restriction of 45 feet, or 13.72 meters, could impede the transit of Aframaxes and Long Range 2 tankers through the Neopanamax Locks, as Continue Reading
Due to an unusually low amount of rain in December, the Panama Canal Authority (ACP) announced Monday that the maximum draft for a ship transiting the Neopanamax locks will be Continue Reading
Royal Dutch Shell Plc has won a long-term contract to provide liquefied natural gas to a Chinese company’s 441 megawatt power plant under construction in Colon, Panama, advisors on the Continue Reading
Fewer ships from China and the United States could use the Panama Canal if trade tensions escalate between the two economic giants, but the dip could be offset by grain Continue Reading
Panama is carrying out studies for potential oil exploration, hoping that recently discovered oil fields in neighboring Colombia close to Panama’s border could extend into Panama. Panama is 100-percent dependent Continue Reading
Panama on Friday will sign an agreement with the U.S. Treasury and Energy departments aimed at paving the way for more private investment to expand the importation and distribution of Continue Reading
The Panama Canal Authority will boost the number of daily reserved transit slots available for LNG vessels starting October 1 and will make improvements that will allow it to increase Continue Reading
The Panama Canal Authority (ACP) will reduce the maximum draft for vessels transiting the Neopanamax locks to 48 feet or 14.63 meters tropical fresh water starting April 27, it said. Continue Reading
When the Panama Canal was expanded, it drew a lot of enthusiasm, with many seeing U.S. oil and gas exports surging thanks to the wider waterway that cuts the journey Continue Reading
As the market embarks on a second year of record level LNG supply from the Atlantic Basin and strong competition from Asia for those volumes, a potential choke point is Continue Reading
The International Energy Agency recently predicted that the United States could become the world’s top LNG exporter within ten years. This prediction, however, is far from a certain one. The Continue Reading
A boom in natural-gas exports creates new challenges Last-minute schedule changes for LNG tankers headed to Asia It seemed at the time like a somewhat random, and amazingly fortuitous, coincidence. Continue Reading
Since the start of the year, transiting tonnage at the Panama Canal has increased by nearly 23%. Above, a ship makes its way through the locks at the Panama Canal Continue Reading
The Panama Canal Authority is working with LNG shippers towards doubling the capacity set aside for LNG vessels by next October, the PCA said Wednesday. The PCA is working towards Continue Reading
The number of LNG carrier transiting the Panama Canal could average one a day by 2021 as more US supply comes on stream and targets demand in North Asia, according Continue Reading
Royal Dutch Shell agreed to lease capacity at a large oil terminal in Panama that has been used by U.S. refiner Tesoro Corp, sources involved in the deal told Reuters, Continue Reading
The waiting time for non-booked Panamax-class vessels on the Panama Canal is about six days, a Panama Canal Authority manager said Wednesday. “Neopanamax slots are almost 100% sold for the Continue Reading
The Panama Canal Authority (ACP) has launched the Environmental Premium Ranking, a new initiative to reward shippers with vessels meeting high environmental efficiency standards starting January 1, 2017. The new Continue Reading
The Panama Canal is likely to attract up to 15 percent more tonnage next year after an upgrade which means it can now accommodate gas tankers previously too large to Continue Reading
The Panama Canal Authority has revised upward the draft restriction for vessels transiting the Neopanamax locks to 13.41 meters (44 feet) effective immediately. “This draft limit is based on the Continue Reading
Note: Calculations assume export from the Sabine Pass liquefaction terminal at an average LNG Carrier speed of 19.5 knots and one-day transit time through the Panama and Suez Canals. The Continue Reading
A cargo ship is pictured crossing through the Miraflores locks, a day before the inauguration of the Panama Canal Expansion project, in Panama City, Panama June 25, 2016. Panama opened Continue Reading
On June 26, the Panama Canal Authority, the body that operates the Panama Canal, will inaugurate a third set of locks, which will allow for the transit of larger ships. Continue Reading
On July 8, 2009, the champagne finally flowed. After an intense two-year competition, a consortium led by a Spanish company in severe financial distress learned that its rock-bottom bid of Continue Reading
The consortium designing and building the Panama Canal’s new set of expanded locks says they are working at full capacity and ready to receive their first ships. Grupo Unidos por Continue Reading
As U.S. gas exports ramp up, new route will slash time to Asia A century after transforming global markets, the Panama Canal is about to redraw world trade once again. Continue Reading
NUMEROUS GOVERNMENTS, including the Obama administration, last week called for political negotiations in Venezuela to head off an incipient and potentially catastrophic breakdown of political and economic order. Former Spanish Continue Reading
The Panama Canal Authority has imposed further draft restrictions for vessels transiting through the canal effective April 29 due to ongoing El Nino-related droughts in the region. In a shipping Continue Reading
The Panama Canal Authority said it will temporarily lower the maximum allowable draft for vessels transiting through the Panama Canal in September due to El Nino-related droughts, the first such restriction in nearly 20 years. The maximum allowable draft will be lowered to 11.89 meters (39 feet), from the current level of 12.04 meters (39.5 feet) from September 8, in a move that could affect almost 20% of vessels transiting the canal. "These temporary and preventive measures are due to an anticipated climatic variability event related to El Nino … it has triggered a drought in the Canal Watershed, causing the water levels of Gatun and Alhajuela Lakes to fall substantially below their average for this time of year," the Panama Canal Authority, or ACP, said in shipping advisory Friday. El Nino is a phenomenon marked by a warming of sea surface temperatures in the tropical Pacific and can […]
The Panama Canal expansion project is now 85% complete, following the installation Monday of the first lock gate at the waterway’s Pacific entrance, the Panama Canal Authority said. The gate, Continue Reading
Ships carrying crude oil and petroleum products are limited by size restrictions imposed by several of the main thoroughfares of maritime navigation: the Panama Canal, the Suez Canal, and the Strait of Malacca. These size restrictions provide another way to classify the large tankers that carry most of global crude oil and petroleum product trade. The Panama Canal , an important route connecting the Pacific Ocean to the Caribbean Sea and the Atlantic Ocean, currently has a limited role in global crude and petroleum product transport. The canal’s current size restrictions means smaller vessels, with capacities of approximately 400,000-550,000 barrels of light sweet crude oil, are the only ships that can safely pass through the canal. These ships are referred to as Panamax tankers, and their smaller cargos lead to a higher per-barrel cost. However, the Panama Canal is undergoing an expansion that will allow for the passage of […]
MADRID (AP) — Panama’s president says the major expansion of the Panama Canal will be completed in time to open for business in the beginning of 2016. The project is expected to be finished in December 2015, and President Juan Carlos Varela says it will open early the following year, despite construction setbacks. A dispute with the European consortium that is expanding the canal led to a two-week work stoppage earlier this year. Varela said Tuesday in Spain that Panama is working closely with Madrid and with Spanish company Sacyr, which is leading the consortium. The $5.25 billion project aims to reduce congestion and expand capacity. The new channel will be able to accommodate ships with twice the cargo capability of vessels that currently traverse the existing canal.
For Petroleos Mexicanos Chief Executive Officer Emilio Lozoya, the arrival of foreign oil producers after a 76-year hiatus can’t come soon enough. Facing deteriorating output and a lack of resources to Continue Reading
A century after the U.S. steamship Ancon first sailed through the Panama Canal, a $5.3 billion expansion delayed by bickering contractors and angry workers is nearing completion. The problem is it might not be big enough. With the expansion 16 months behind schedule, canal administrator Jorge Quijano said officials are studying whether to dig a fourth set of locks to handle a growing fleet of super-sized ships. Those include the 400-meter-long “Triple E” vessels capable of carrying more than 18,000 containers, four times more than current ships passing through the canal. “We are always analyzing the market and as soon as we can economically justify it we will begin,” said Manuel Benitez, deputy administrator of the Panama Canal Authority, adding that he thinks the current expansion is sufficient for now. “If that changes and the demand exists we are ready to begin.” Panamanian officials today will celebrate the anniversary […]
Japan has protested to Panama about planned limits on the size of ships in the Panama Canal, saying they could prevent some U.S. natural gas from reaching customers in Asia. The issue has cast a pall over hopes for expanded trade in natural gas after the widening of the canal, scheduled for completion in early 2016. The U.S., enjoying a newfound abundance of natural gas thanks to technological advances, has opened the door to exports, and Japanese companies have eagerly signed up for U.S. supplies to make up for idled nuclear power after the March 2011 accident at Tokyo Electric Power Co. ‘s Fukushima Daiichi complex. The widening of the canal will open the way for the first time to liquefied-natural-gas carriers. Currently the LNG carriers must take a more circuitous route from eastern North America to Asia. But Panama has set a width limit of 49 meters for […]
Tokyo (Platts)–7Mar2014/225 am EST/725 GMT The Panama Canal Authority expects the expanded canal "should be in operation by January 2016" after a trial period, Silvia de Marucci, ACP’s manager of marketing and forecasting, said Friday. Marucci made the comments in response to a question at the International LP Gas Seminar in Tokyo. "In January 2016, we are expecting to be operational" after a period of testing at both the Atlantic and Pacific side of locks, Marucci said. At the moment, the expansion is 65% complete, she added. The latest target is seven months behind a previous estimate of June 2015. The project was originally scheduled for completion this year. Next week, ACP intends to sign a final agreement with its contractor for the expansion project, Marucci told Platts ahead of the conference Friday. "Works were stopped about a month ago but resumed two weeks ago and we are very […]
Tokyo (Platts)–7Mar2014/225 am EST/725 GMT The Panama Canal Authority expects the expanded canal "should be in operation by January 2016" after a trial period, Silvia de Marucci, ACP’s manager of marketing and forecasting, said Friday. Marucci made the comments in response to a question at the International LP Gas Seminar in Tokyo. "In January 2016, we are expecting to be operational" after a period of testing at both the Atlantic and Pacific side of locks, Marucci said. At the moment, the expansion is 65% complete, she added. The latest target is seven months behind a previous estimate of June 2015. The project was originally scheduled for completion this year. Next week, ACP intends to sign a final agreement with its contractor for the expansion project, Marucci told Platts ahead of the conference Friday. "Works were stopped about a month ago but resumed two weeks ago and we are very […]
Panama and a consortium of European construction firms, which have been locked in a bitter dispute over cost overruns on a multibillion-dollar project to expand the Panama Canal, say they have reached a preliminary deal to end the spat and ensure final completion of the work. A final agreement still needs to be signed but both sides said this could happen as early as this weekend. Panama says the deal will allow for the expansion of the canal, which stretches 50 miles through the Central American isthmus between the Atlantic and Pacific oceans, to still be completed by the end of 2015. The $5.2 billion construction project on the 100-year-old waterway began in 2007, an effort to widen and deepen the canal so larger ships could fit through. When finished, Panama stands to greatly increase its more than $1 billion in annual revenue from toll fees. The U.S., which […]
