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Panama Canal: How various ship types have been prioritized
来源：shippingazette 编辑：编辑部 发布：2023/09/06 16:45:43
SHIPS queuing for a turn to transit the Panama Canal stand at 128, some 42 per cent above the 90 average, but 21 per cent below the figure a month ago, reports Singapore's Splash 247.
While containerships, which have fixed schedules, tend to have reserved slots, the voyage plans for the tramp trades continue to be hit hard by congestion brought about by drought and subsequent draft restrictions by the Panama Canal Authority (ACP).
Ships desperate to jump the queue have paying record sums to get past the others at both ends of the canal.
One LPG carrier paid US$2.4 million in addition to a standard transit fee of $400,000.
Thinking the worst is over the ACP has decided to rescind booking condition 3 for its panamax locks, moving back to a more regular booking condition 1.a. Nevertheless, shipping is having to contend with the fact that draft and transit restrictions are here to stay at least through until the end of the first half of next year.
For dry bulk, which has been acutely effected by the restrictions, the 10 months of transit restrictions announced by the ACP last week could have a larger effect on dry bulk trade flows, tonne-miles and the competitiveness of the region's exporters.
While the impact is baked-in to voyage costs for ships already in the queue, Thomas Zaidman, managing director of Sagitta Marine, a handy and supra operator, warned that a handysize vessel owner is still looking at a $160,000 lump sum for a 10-day wait at the canal.
A vessel of around 55,000 dwt would be looking at an additional $220,000 lump sum payment, he said.
In future, cargoes that regularly cross the canal could find themselves fighting to remain profitable as buyers look to more distant markets that would have lower overall costs, despite a higher tonne-mile ratio, he predicted.
"The situation in the Panama Canal has both immediate and long-term consequences. Price inflation is an issue, but the reality is that, as owners ask for higher rates to price in the additional costs of delays, it may change the origin point for some cargoes," said Mr Zaidman.
"While this vital shortcut is an enabler of trade, it will remain a chokepoint for global shipping because of the unlikeliness of alternatives," said Xeneta chief analyst Peter Sand.
"While we cannot rule it out, and Chinese investors regularly pour money and attention into it, the building of a Nicaragua canal or a Columbian dry canal cannot step in as an insurance against supply chain disruptions centered around the Panama Canal," Mr Sand said.
The current drought in Panama has driven an increase in the number of medium range tankers waiting to transit the canal, according to data from Vortexa, a commodities tracking platform. This increase is mainly driven by laden vessels heading southbound towards South America's west coast.
While containerships, which have fixed schedules, tend to have reserved slots, the voyage plans for the tramp trades continue to be hit hard by congestion brought about by drought and subsequent draft restrictions by the Panama Canal Authority (ACP).
Ships desperate to jump the queue have paying record sums to get past the others at both ends of the canal.
One LPG carrier paid US$2.4 million in addition to a standard transit fee of $400,000.
Thinking the worst is over the ACP has decided to rescind booking condition 3 for its panamax locks, moving back to a more regular booking condition 1.a. Nevertheless, shipping is having to contend with the fact that draft and transit restrictions are here to stay at least through until the end of the first half of next year.
For dry bulk, which has been acutely effected by the restrictions, the 10 months of transit restrictions announced by the ACP last week could have a larger effect on dry bulk trade flows, tonne-miles and the competitiveness of the region's exporters.
While the impact is baked-in to voyage costs for ships already in the queue, Thomas Zaidman, managing director of Sagitta Marine, a handy and supra operator, warned that a handysize vessel owner is still looking at a $160,000 lump sum for a 10-day wait at the canal.
A vessel of around 55,000 dwt would be looking at an additional $220,000 lump sum payment, he said.
In future, cargoes that regularly cross the canal could find themselves fighting to remain profitable as buyers look to more distant markets that would have lower overall costs, despite a higher tonne-mile ratio, he predicted.
"The situation in the Panama Canal has both immediate and long-term consequences. Price inflation is an issue, but the reality is that, as owners ask for higher rates to price in the additional costs of delays, it may change the origin point for some cargoes," said Mr Zaidman.
"While this vital shortcut is an enabler of trade, it will remain a chokepoint for global shipping because of the unlikeliness of alternatives," said Xeneta chief analyst Peter Sand.
"While we cannot rule it out, and Chinese investors regularly pour money and attention into it, the building of a Nicaragua canal or a Columbian dry canal cannot step in as an insurance against supply chain disruptions centered around the Panama Canal," Mr Sand said.
The current drought in Panama has driven an increase in the number of medium range tankers waiting to transit the canal, according to data from Vortexa, a commodities tracking platform. This increase is mainly driven by laden vessels heading southbound towards South America's west coast.