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Panama Canal Delay Could Spread to Suez: Greek Shipowner

LNG

Congestion at the Panama Canal could have a knock-on effect at the Suez Canal, potentially affecting LNG cargoes, according to Deputy CEO of Greek shipping giant Angelicoussis Group and reported by Bloomberg.

  • According to Deputy CEO Sveinung Støhle, the congestion at the Panama Canal will force the Suez Canal to take a lot more vessels, which will increase waiting times at both ends.
  • The Panama Canal is encountering heightened congestion due to a drought in the area.
  • Only about 4-5 LNG vessels are now transiting the Panama Canal per month, compared with one a day before the crisis.
  • Increased congestion could also tighten the LNG shipping market. “If you can’t go via the Panama Canal, you have to add one more ship for the same volume,” he said. “Where do you get the ships from? That’s going to be a challenge.”
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