The Panama Canal announced that it has recorded transit of 58 vessels of liquified natural gas (LNG) representing a total of 6.74 million Panama Canal tons (PC/UMS) in January after the recent surge of the energy market demand, according to Gulf Agency Company (GAC)’s statement.
The Panama Canal implemented recent adjustments in its process to facilitate its operation and respond more efficiently to the continuous changes in the demand of maritime trade. In January, it has modified the Transit Reservation Booking System to offer the available slots for Neopanamex vessels through auction process within 96 hours before transit.
After these modifications, the canal conducted 25 auctions, nine of which were awarded to LNG vessels. The statement referred this increase in LNG transits to the record winter temperatures in Asia causing rise in LNG prices to unprecedented levels.