The cold drives LNG transits
In January, the Panama Canal set a new record in transits and volumes of LNG carriers. The transformation of the energy market was reflected by 58 LNG passing the Neopanamax Locks over the whole month, totalling 6.74 million Panama Canal tonnes (PC/UMS).
The previous monthly records were set exactly one year earlier with 54 transits. With regards to tonnage, November 2020 witnessed a peak with 6.23 million PC/UMS. The increase of LNG transits through the Panama Canal is also attributed to a particularly cold winter in Asian regions, which have caused LNG prices to rise significantly.
Furthermore, the Panama Canal announced modifications to the transit reservation booking system, allowing any slot that becomes available for Neopanamax vessels within 96 hours prior to transit to be offered through an auction process. Out of 25 auctions in January, nine were awarded to LNG vessels. (cd)