LNG

The Panama Canal Authority has further reduced ship transits because of drought blamed on the “El Niño” weather effects to 24 vessels in November and booking slots will be cut to 22 ships in December, hitting LNG, oil and containership traffic on the Atlantic-Pacific Basin crossings and sending bidding for slots up to $2 million or more as waiting times grow to more than a week.

The Panama Canal Authority has issued further restrictions for the maximum authorized draft in locks for the Neopanamax-sized and Panamax-sized vessels, including LNG carriers, as it faces drought conditions that are challenging the modernized Canal’s capacity and draft allowances for larger ships now being constructed.