Panama Canal News

The Panama Canal Authority could double in coming years the number of containers that move through the commercial waterway that links the Pacific and the Atlantic oceans, the canal's chief told a maritime conference.The authority, which has an $8 billion investment plan, is putting in place a water conservation strategy following a severe drought that forced ships between late 2023 and early 2024 to take alternative routes between the United States and Asia.As part of that, it is encouraging shippers to consolidate cargoes so less water is used for vessels to pass…

The MSC Marie transited through the Panama Canal on August 30, setting a new record for the largest-capacity container ship to sail the route.The 366-meter (1,200 feet) Neopanamax ship has a width of 51 meters (167.4 feet) and a maximum capacity of 17,640 TEUs.The record was previously held by the Ever Max which made the transit at a capacity of 17,312 TEUs in August 2023.The MSC Marie sailed from the port of Manzanillo in Mexico.

The Panama Canal Authority announced on Monday it is raising to 49 feet the maximum authorized draft allowed for vessels transiting the key global waterway's Neopanamax locks.The previous maximum depth allowed for the Neopanamax locks was 48 feet.In a brief statement, the authority said the change was made due to "the present and projected level of Gatun Lake for the upcoming weeks."(Reuters - Reporting by Elida Moreno; Editing by Aida Perlaez-Fernandez)

The Panama Canal expects to complete a billion-dollar construction of a new water reservoir within six years that will help ensure the passage of 36 ships a day, the administrator of the global waterway said on Monday.The Indio River reservoir project would become part of the network of existing artificial lakes that allow for safe passage through the canal and provide water for human consumption."We are looking at six years," canal administrator Ricaurte Vasquez said.Vasquez said the project "would provide a little more certainty to maintain 36 transits per day…

Capacity reduction on the Panama Canal have hurt dry bulk market, with dry bulk carrier transits down significantly (down 74% in the Q1 '24 vs. '23, with sailing distances up 31% and cargo volume down 25% year on year, according to BIMCO shipping analyst Filipe Gouveia.Low water levels in lake Gatun have caused restrictions in the number of transits through the Panama Canal at a maximum draft level of 13.4m (44 ft). Under typical conditions, between 34 and 38 ships transit the canal per day at draught levels of 15.2m (50 feet). At the start of the year, only 22 daily transits were allowed.

In response to the current and projected level of Gatun Lake, the Panama Canal Authority has announced, through Notice to Shipping Lines No. A-08-2024, that it will increase the number of daily slots available in the Panamax locks.Two additional slots will be offered by auction for transit dates scheduled starting March 18, and one additional slot will be available for transits scheduled starting March 25. This will bring the number of transits from 24 to 27.These measures allow the majority of ships that wish to transit the Canal to have a better chance of obtaining a reservation…

The Panama Canal sees no need for further vessel transit restrictions until at least April, when its authority will evaluate water levels at the end of the dry season, Deputy Administrator Ilya Espino told Reuters.A severe drought last year forced the canal to reduce the number of vessels allowed to pass per day. In December, rains in the last quarter of the year allowed the waterway to suspend further restrictions that would have been applied in January.In recent months, attacks to ships at the Red Sea have prompted many vessel owners to take longer routes to and from Asia…

As low water level continue to plaque the Panama Canal, shipowners and managers are paying the price in the form of longer hauls and higher fuel (and emissions) costs to deliver product to market.In one example, oil tanker Cururo is taking the long way from Houston to Chile: sailing the length of South America's Atlantic coast, across the Strait of Magellan and heading up the Pacific coast before discharging.The voyage could take 32 days and travel more than 10,000 nautical miles (18…

Bulk grain shippers hauling crops from the U.S. Gulf Coast export hub to Asia are sailing longer routes and paying higher freight costs to avoid vessel congestion and record-high transit fees in the drought-hit Panama Canal, traders and analysts said.The shipping snarl through one of the world's main maritime trade routes comes at the peak season for U.S. crop exports, and the higher costs are threatening to dent demand for U.S. corn and soy suppliers that have already ceded market share to Brazil in recent years.

Wabtec Corporation and Latin American Channel Partner, Marinsa International, signed a contract to supply the primary power for 10 new hybrid tractor tugboats for the Panama Canal Authority (ACP). Wabtec will deliver two 8L250MDA marine engines for each tugboat.“Wabtec is delighted to power the new hybrid Panama Canal tugs with the 8L250MDA marine engines,” said Tammy Gromacki, Wabtec’s Vice President of Marine, Stationary and Drill. “We are honored, through our partnership with Marinsa…

The Panama Canal, one of the world's main maritime trade routes, announced on Friday it is launching a special auction slot on Saturday, as it battles a severe drought that has forced it to reduce daily ship crossings."The purpose of this measure is to provide greater opportunity of obtaining a slot for vessels in the Panamax Locks that have been waiting in the transit queue for an extended period," the canal's authority said in a statement.Water levels in Gatun Lake, the rainfall-fed principal reservoir that floats ships through the Panama Canal's lock system, have declined to unprecedented l

Daily ship crossings on the Panama Canal, one of the world's main maritime trade routes, will be reduced to 31 from 32 to soften the impact from a severe drought that is expected to last until next year, the authorities managing the canal said.The Panama Canal Authority (ACP) in recent months has imposed various passage restrictions to conserve water, including cutting vessel draft and daily passage authorizations, which are normally 36 per day.ACP said late on Friday that due to the ongoing water crisis…

The Panama Canal expects to maintain restrictions on daily vessel transit and maximum draft for at least 10 more months amid a prolonged drought that has lowered the water level, an official from the waterway said on Thursday.The canal's authority earlier this year began imposing restrictions, causing a backlog of vessels waiting to pass. The curbs have forced vessel owners to lighten cargoes or shift to alternate routes as freight costs increase for some routes.The extension of the restrictions would give the canal room for preserving water before the next rainy season arrives…

Before the Ever Max ship carrying lava lamps, sofas, Halloween costumes and artificial Christmas trees could make its inaugural Panama Canal voyage this month, a historic drought forced it to drop weight by offloading hundreds of containers.Weather-related disruptions denied the vessel, owned by Taiwanese shipping company Evergreen Marine, a chance on Aug. 1 to set a record for carrying the most containers through the vital maritime shortcut that connects the Pacific and Atlantic…

The Panama Canal will impose lower draft restrictions on the largest ships passing through the key global trade route due to falling water levels at nearby lakes that form part of the waterway, the canal authority said on Tuesday.The restrictions, which will take effect on Wednesday, mean so-called neo-Panamex container ships seeking to cross the canal connecting the Atlantic and Pacific Oceans must comply with a maximum depth of 47.5 feet, down from 50 feet, forcing them to weigh less or otherwise transport fewer goods.The new measures are due to recent drought conditions…

The Panama Maritime Authority, in collaboration with the Ministry of Foreign Affairs of Panama, has renewed the Agreement on Maritime Transport between the governments of China and Panama.The agreement took effect July 20, 2021, at the end of the renewal process between the Panamanian and Chinese authorities. However, in order to avoid interrupting its implementation it was considered that from May 17, 2021, until its entry into force, both parties would continue to benefit from its provisions."The agreement renewal will be extended to five years…

The Panama Canal Authority (ACP), which manages the 82 kilometers long Panama Canal that connects the Atlantic Ocean with the Pacific Ocean, has awarded Kongsberg Digital a contract to upgrade and extend the K-Sim Navigation simulators based in SIDMAR; the Center for Simulation, Research and Maritime Development of the Panama Canal Authority. Equipped with the new technology, the Panama City-based center will be able to include multiple vessels in training scenarios and extend the realism of the simulator training provided for pilots and tug masters…

The Panama Canal is a strategic crossroads for maritime traffic, and is arguably one of the most important maritime developments in the past century. Here we take a deeper dive into the history behind that famous strip of waterway.The present canal, which saw its first vessel transits in 1914, along with possible alternatives through Nicaragua and Mexico, had actually been on the minds of merchants, explorers and military/political strategists since the Age of Exploration in early 1500’s.

For the fourth consecutive year, Fitch Ratings has affirmed the Panama Canal's 'A' investment grade rating with a stable outlook for its long-term issuer default rating and its senior unsecured notes.The credit rating agency noted that the Panama Canal is "an underlying asset that is critical not only for Panama, but for international commerce, as demonstrated by its stable volume performance, solid competitive position, and well-diversified cargo mix," causing the Panama Canal volume profile to exhibit high levels of resilience.In addition, Fitch Ratings distinguished the Canal as a key player in global trade with a privileged geographical…

The Panama Canal will allow vessels coming from Venezuela to transit the waterway provided they present the necessary paperwork, the canal authority's chief said on Wednesday, suggesting a new round of U.S. sanctions on the South American country may not make any difference to canal traffic.President Donald Trump's administration last week issued an executive order freezing all Venezuelan government assets in the United States. Shortly thereafter, U.S. officials ratcheted up threats against companies that do business with Venezuela.The measure did not explicitly place sanctions on non-U.S.