Panama Canal says shipping rebound is underway after record drought
Publishing timestamp: 2024-11-12 10:51:41
Summary
The Panama Canal Authority reported a 29% drop in vessel transits during fiscal year 2024, with LNG and dry bulk shipments taking the biggest hit. However, operational investments and technologies are helping to increase trade, and a new vessel booking system shows more cargo volumes ahead of the Lunar New Year. The canal is critical to the U.S. economy, and efforts are being made to optimize water usage and improve forecasting. Despite competition from the Suez Canal, the Panama Canal is expected to recover to pre-drought volumes with a focus on larger vessels and energy-related trade. Plans for a potential dam project to shore up water supply are also in the works.
Sentiment: MIXED
Tickers: MAERSK.B-DK, AMKAF,
Keywords: trade, world economy, environment, economy, panama, business news, breaking news: economy, ap moeller - maersk a/s, u.s. economy, panama canal, shipping, transportation and shipping,
Source: https://www.cnbc.com/2024/11/12/panama-canal-cargo-container-trade-rebound-record-drought.html