NO. 1: The Panama Canal Authority (PCA) is adding three more daily transit slots this month to allow more vessels to pass through the waterway. PCA said it added two additional slots for auction on Monday (March 18). Another slot is scheduled to be added next Monday (March 25), boosting the number of daily transits…
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Middle East Shipping Chokepoint Pushes Global Natural Gas Prices Higher – LNG Recap
Global natural gas prices bounced back Monday, lifted by escalating tensions in the Middle East, where increasing attacks in the Red Sea have impacted commercial shipping operations. BP plc joined a growing list of major shipping companies in announcing that it would halt all of its oil and natural gas cargoes in the Red Sea.…
Panama Canal Offers More Transit Auctions as U.S. LNG Traffic Continues to Fall
The Panama Canal Authority (ACP) is offering more opportunities for shippers to outbid each other for a dwindling number of transit slots on the drought-impacted waterway, but most U.S. LNG traders appear to be avoiding the route altogether. After announcing late last month that the number of available passages through the canal would be reduced…
U.S. LNG Exporters Seek Alternative Routes to Asia as Panama Canal Bottleneck Worsens
A persistent drought impacting the Panama Canal has left LNG shippers with a few alternatives; either wait for weeks in a growing queue, pay exorbitant prices to jump the line or take a long detour. The water levels at Alajuela and Gatun, the two artificial lakes that supply water to the canal, have continued to…
U.S. LNG Traffic Faces Further Pressure from Panama Canal Limits Amid Drought – The Offtake
The Panama Canal Authority said this week that it would reduce the number of vessels that can transit the waterway from 32 to 25 on Nov. 3. Daily transits would be further cut to 24 on Nov. 8, 22 on Dec. 1, 20 on Jan. 1 and 18 on Feb. 1.
Drought Impacting Panama Canal LNG Transit as Mexico Liquefaction Projects Advance
More U.S. LNG cargoes are taking longer and costlier routes to reach consumers in Asia as a drought impacting levels at the Panama Canal has increased wait times to transit the waterway. “The Panama Canal remains a primary route for U.S. LNG to access Asian markets, though an increased volume of trade is utilizing other…
Panama Canal Congestion Boosting Costs to Move U.S. LNG to Asia
More U.S. LNG cargoes are taking longer and costlier routes to reach consumers in Asia as a drought impacting levels at the Panama Canal has increased wait times to transit the waterway. “The Panama Canal remains a primary route for U.S. LNG to access Asian markets, though an increased volume of trade is utilizing other…
Panama Canal Drought Signaling Longer Journey to Asia for U.S. LNG
Lower than average water levels at the Panama Canal are causing severe draft restrictions on vessels transiting the waterway, according to global container shipper Hapag-Lloyd AG. While the limitations aren’t impacting LNG tankers, longer-term weather forecasts could cause problems for U.S. liquefaction projects that hope to send cargoes through the canal in the next few…
Panama Canal Congestion Easing as Europe Drawing More LNG Cargoes
Shipping congestion that has slowed passage through the Panama Canal since last year amid strong demand for liquefied natural gas (LNG) and other goods between Asia and the United States has finally eased, after wait times peaked at 16 days for vessels with unreserved slots. The historic cold that left Asian inventories depleted last winter…
LNG Cargoes Drive Record Tonnage at Panama Canal
The Panama Canal Authority said a record amount of tonnage passed through the waterway during fiscal year (FY) 2021, a milestone driven in large part by liquefied natural gas (LNG) cargoes, which saw the largest increase. “LNG is not only growing the fastest, but it has had its best year in terms of tonnage through…