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Panama Canal hits new record for LNG transit

Panama Canal hits new record for LNG transit

In January, the Panama Canal hit a new milestone for liquefied natural gas (LNG) movement.

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A total of 58 vessels transited the Neopanamax locks, weighing 6.74 million tons, was announced by the Panama Canal Authority. This compares to the 54 LNG tankers that crossed the canal in January 2020 and the 6,23 million tons recorded last year in November.

The outcome came as a result of the canal's response to the rising demand stemming from a recent energy market boom.

Furthermore, the Panama Canal Authority noted that it had made a number of adjustments to its activities, allowing greater flexibility and an ability to respond to changing market conditions.

Further improvements to the Transit Reservation System were made during January, allowing the space available to Neopanamax vessels to be auctioned within 96 hours prior to transit.

The Panama Canal has held 25 such auctions since the move, of which nine have been awarded to LNG carriers.

Three LNG carriers made their way northbound on the same day in January, while four LNG tankers made their way across the canal on January 31, two heading north and two heading south.

Maritime Business World 

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