The downtime of tankers in the Panama Canal has increased almost 2.5 times
# Market News
The administration of the Panama Canal (Agro-industrial Complex) has strengthened restrictions imposed in May on the passage of ships due to drought, writes the Financial Times. According to the MarineTraffic shipment tracking system, this led to delays in the schedule for 264 vessels. The average waiting time for tankers transporting liquefied natural gas to the north increased from 8 days as of July 10 to 18 days as of August 10, according to data from the shipping agency Norton Lilly.
The agro-industrial complex stated that it faces "unprecedented challenges" even compared to the drought in 2019-2020, writes the Guardian. Xeneta chief analyst Peter Sand said channel disruptions could raise short-term freight rates and "encourage shippers to change supply chains."
More than 3% of the world's goods, including liquefied natural gas from the USA, pass through the Panama Canal. According to the restrictions imposed until 2024, the passage of vessels with heavy loads is prohibited, the number of passages of other vessels is reduced.
The total volume of exports and imports of US goods in containers is about 73% of the traffic of the Panama Canal. Every year, 40% of all US container traffic passes through it, with an estimated cargo value of $270 billion.