Monday, January 30, 2023
HomeFinance & EconomyMore Panama Canal Transits Highlight Rebounding Global Trade


To our FREE newsletter
Get all the latest maritime news delivered straight to your inbox.

More Panama Canal Transits Highlight Rebounding Global Trade

The Panama Canal Authority says vessel transits are rebounding as global trade picks up after the Covid-19 pandemic.

Container ships have led the recovery while liquefied natural gas and liquefied petroleum gas are among the fastest growing segments for the waterway, said Ilya Espino de Marotta, its deputy administrator, in an interview at the canal locks.

The canal expects to see around 13,000 ship transits this fiscal year, compared to 12,245 last year. Shippers taking goods between the U.S. east coast and Asia remain the canal’s top customers, she said.

The canal has received fewer cancellations this year than in 2020 and vehicle carriers are slowly returning, said Espino de Marotta, an engineer who led the canal’s $5.25 billion expansion project which opened in 2016.

Cruise ships, which were among the worst hit segment, are beginning to reserve slots at the canal later this year, with more cruise liners planning returns in 2022.

The canal expects to receive 429 million tons of cargo and collect $3.3 billion in revenue for fiscal year 2021, which ends on September 30. That compares to 475 million tons and $3.4 billion in 2020.

The canal authority monitored the container ship that got stuck in the Suez canal this year and disrupted global shipping, but the two waterways have important differences, Espino de Marotta said.

In Panama, ship captains cede control of their vessels to canal authority pilots who are more familiar with the route. The Panama canal is also shorter than Suez and doesn’t frequently experience big wind storms, she added.


Related Posts


Finance & Economy
Shipping News

Oaktree looking at block sale of existing shares in Hafnia Limited

OCM Luxembourg Chemical Tankers S.à r.l. which is ultimately controlled by funds managed by Oaktree Capital Management L.P. (the "Seller") has retained Fearnley Securities,...

John Fredriksen Increases Stake in Euronav

Norwegian billionaire John Fredriksen has once again increased his stake in Belgian tanker company Euronav in wake of Frontline’s termination of its combination agreement...

First Citizens Bank Arranges $44.2 Million of Debt Financing for Navios Partners

First Citizens Bank announced that its Maritime Finance group, part of the CIT division, served as sole lead arranger on $44.2 million in debt...

Eagle Bulk Appoints Kate Blankenship to Board of Directors

Eagle Bulk Shipping Inc., one of the world’s largest owner-operators within the midsize drybulk vessel segment, announced that it has appointed A. Kate Blankenship...

Golar LNG: Unwind of majority of TTF hedges of 2023 and 2024 Dutch Title Transfer Facility exposure

Golar LNG Limited (“Golar”) announced that it has unwound the majority of its swap arrangements for its Dutch Title Transfer Facility (“TTF”) linked production...

Cyprus shipping making waves – report

Cyprus shipping, the steady driver of the economy, is sailing for better times, having...

Baltic index hits fresh multi-year lows on capesize dip

The Baltic Exchange’s main sea freight index, tracking rates for ships carrying dry bulk...

Baltic index falls for seventh session on lower capesize demand

The Baltic Exchange’s main sea freight index, tracking rates for ships carrying dry bulk...

Baltic index hits fresh 2-1/2-year low as larger vessel rates slip

The Baltic Exchange’s main sea freight index extended losses to a sixth straight session...

Baltic index down for fifth day on lower vessel rates

The Baltic Exchange’s main sea freight index fell for the fifth straight session on...

Port of Long Beach Closes 2022 with Second-Busiest Year

The Port of Long Beach marked its second-busiest year on record by moving 9.13 million twenty-foot equivalent units in 2022, allowing for a return...

Hapag-Lloyd AG acquires share in J M Baxi Ports & Logistics Limited

Hapag-Lloyd AG signed a binding agreement today under which it will acquire 35% of J M Baxi Ports & Logistics Limited (JMBPL) from a...

Nigeria opens ‘game changer’ billion-dollar deep seaport

Nigeria opened a billion-dollar Chinese-built deep seaport in Lagos on Monday, which is expected to ease congestion at the country’s ports and help it...

SC Ports handles nearly 3 million TEUs in record 2022

South Carolina Ports had a record 2022 with the most containers ever handled at the Port of Charleston. SC Ports moved nearly 2.8 million TEUs...

January oil loadings from Russia’s Baltic ports set to jump 50% vs Dec

Urals and KEBCO crude oil loadings from Russia’s Baltic ports of Primorsk and Ust-Luga in January are set to rise by 50% from December...