A recent report from Greece’s Xclusiv Shipbrokers shows that due to restrictions in the Panama Canalthe market may find other alternatives and use larger ships that circle Cape Horn to the Pacific, adding ton miles.
In addition, S&P Global analysis shows that the Suez Canal’s share of maritime traffic from the US Gulf to Asia rose to 83% in October, up from 23% a year ago.
The specialist media even predicts dramatic changes in global maritime oil and gas trade patterns, increasing ton/mile.
In this regard, a new oil tanker broker report Poten & Partners, based in New York, suggests that major oil companies will no longer participate in this trade.
They add that they wouldn’t be able to plan ahead like container ships do and probably wouldn’t be able to compete for auction slots.
He adds that the drastic reduction will drive many of them away from the Canal. tramp ships (including oil tankers and dry cargo ships).
This would lead to higher ton-mile demand and possible changes in segment utilization as longer tows may encourage the use of larger vessels.
“Given the current booking system, it is possible that from the beginning of next year no VLGC (generic gas carrier) will be able to pass through the new locks, while transits through the old locks will be significantly reduced,” added Clarksons Research Report.
As a result of the situation, the company anticipates significant additional tonnage in transit and notes that the miles are likely to be seen when ships sail around the Cape of Good Hope or through Suez.
Fresh water deficit due to drought and the El Niño phenomenon They continue to hit the Panama Canalwhich reduced the daily traffic of ships to 31 as of last Wednesday, one ship less than the previous measure, which comes after the driest October since records were kept.
ACP announced at the end of September that from November 1, “the average transit through the canal will be adjusted to 31 ships per day: nine through the Neopanamax lock and 22 through the Panamax lock”, so they recommended that clients book “ensure its transit”.
Source: Panama America
I am Jason Root, author with 24 Instant News. I specialize in the Economy section, and have been writing for this sector for the past three years. My work focuses on the latest economic developments around the world and how these developments impact businesses and people’s lives. I also write about current trends in economics, business strategies and investments.
