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21.08.26 - 07:36
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Panama canal to reduce shipping as El Niño strikes vital route (The Guardian)
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Further restrictions on shipping lane possible as Central America gripped by severe droughtThe Panama canal will cut the number of ships passing through it starting next month because of drought caused by the El Niño phenomenon, the operator of the strategic waterway linking the Atlantic and Pacific said Thursday.From 3 September, the number of vessels allowed through each day will fall from 36 to 34 due to low water levels in two artificial lakes that feed the canal, the Panama Canal Authority said. From 15 September, the number of ships permitted will drop to 32. Continue reading......
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14.08.26 - 20:00
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Panama Canal Fees Hit Record As El Nino, Hormuz Crisis Choke Global Shipping (ZeroHedge)
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Panama Canal Fees Hit Record As El Nino, Hormuz Crisis Choke Global Shipping
Panama Canal transit auction prices have surged to record highs this summer as an intensifying El Niño and disruptions in the Strait of Hormuz upend global shipping routes.
A Bloomberg report Friday morning said a supertanker paid a record $4.6 million at auction to bypass the growing queue and secure an earlier transit slot next week. The spike in canal fees and vessel wait times threatens to further raise freight costs, reinforcing growing concerns about inflationary pressures across global supply chains.
Daily auctions for August passage through the canal's busiest locks have averaged about $1.1 million, more than 16 times the average during the same period last year, according to the Financial Times, citing Argus Media. Recent auctions for the larger locks averaged a record $2.5 million.
Bloomberg said that the liquefied petroleum gas supertanker G. Arete paid a staggering $4.6 million to skip the line, topp...
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