Carriers

Gas carriers turn their backs on expensive auctions in Panama

Another restriction in the drought-stricken canal is now causing gas carriers to bypass the canal. The risk of lost revenue is too great.
”This is absorbing up to 50% more capacity than if the vessels sailed via Panama Canal. This is reflected in a sharp increase in spot rates, ” a spokesperson from Singapore-based BW LPG told ShippingWatch.
”This is absorbing up to 50% more capacity than if the vessels sailed via Panama Canal. This is reflected in a sharp increase in spot rates, ” a spokesperson from Singapore-based BW LPG told ShippingWatch.
by TOMAS KRISTIANSEN, DAG HOLMSTAD, SEBASTIAN SCHLÜTER JACOBSEN

The Panama Canal has been affected by the worst drought since it opened in 1914, causing gas carriers to opt out of the route to avoid choosing between severe delays or paying exorbitant fees to jump the line.

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