SHIPPING COMPANIES ARE PAYING $235 MILLION TO BYPASS CONGESTED SECTIONS OF THE PANAMA CANAL
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- Time of issue:2023-11-28 09:39
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(Summary description)The drought led Panama to declare a state of emergency in May, severely limiting the number of ships allowed to enter the Panama Canal.
SHIPPING COMPANIES ARE PAYING $235 MILLION TO BYPASS CONGESTED SECTIONS OF THE PANAMA CANAL
(Summary description)The drought led Panama to declare a state of emergency in May, severely limiting the number of ships allowed to enter the Panama Canal.
- Categories:News
- Author:
- Origin:
- Time of issue:2023-11-28 09:39
- Views:
The drought led Panama to declare a state of emergency in May, severely limiting the number of ships allowed to enter the Panama Canal. According to the latest data from Waypoint Port Services, shipping companies have paid a total of $235 million to avoid congestion in the Panama Canal so far this year.
The Panama Canal Authority (ACP) put the opportunity for fast passage up for auction, and bidding has surged to record levels this year as an El Nino-induced drought has caused water levels to drop to record lows and officials have had to reduce the number of ships passing through. Auction fees are paid in addition to normal canal tolls.
The Panama Canal Authority plans to continue restricting access until February 2024 to conserve water, further intensifying competition among "auctioneers" hoping for quick passage.
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