The Panama Canal has received much attention recently as low water levels have led to both an increase in transit waiting days as well as the number of vessels waiting to cross. The implications of these difficulties are clear; if vessels must sail an additional 10,000 nautical miles around Cape Horn and the Magellan Strait, this will increase both bunker consumption and sailing days with knock on effects for vessel TCEs, supply chains and ultimately GHG emissions. Additionally, there has been a notable increase in canal transit fees through the auction system, which allows for tonnage without a prebooked slot to pass through. So far, much of the attention has been focused on the dry, container, LPG and LNG sectors but what impact could this have on the tanker market?
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