Liner operators in THE Alliance will switch transits on three services as low water levels on the Panama Canal reduce the number of ships that can use the main artery for container trade between the US East Coast and Asia.
As US port volumes remain lackluster, there is not as much freight to move on trucks, causing the market to stay relatively stagnant ahead of what typically is the busy holiday season.
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The rare joint statement reiterates earlier comments by container lines that a greenhouse gas pricing mechanism is needed to make green fuel competitive with traditional bunkers during the phase when both fuels will be in use.
Low water restrictions and “exorbitant” costs for rare transit slots through the drought-hit waterway mean tramp breakbulk and heavy-lift carriers must use longer ocean routes, thus increasing voyage costs.
The service was previously operated on an ad hoc basis but is being upgraded due to growing demand for breakbulk and project cargo into the US West Coast to avoid restrictions and delays through the drought-hit waterway.
The Department of the Treasury's Office of Foreign Assets Control (OFAC) is issuing Russia-related General License 78, "Authorizing Limited Safety and Environmental Transactions Involving Certain Persons or Vessels Blocked on December 1, 2023." Additi...