Asia-US container rates rise, tanker rates ex-USG steady; Panama Canal lowers draft limits
Rates for shipping containers from east Asia and China to the US were mostly higher, liquid chemical tanker rates ex-US Gulf were largely stable, and the Panama Canal issued further drafts restrictions, highlighting shipping news this week. PANAMA CANAL The Panama Canal Authority (PCA) is lowering draft limits at its neopanamax locks beginning 26 August ...
Asia-US container shipment rates surged this week, while tanker rates from the United States Gulf Coast remained stable. The Panama Canal reduced its draft limits at its neopanamax locks starting August 26, as El Nino led to lower water levels in Gatun Lake. The reduced draft limits will be 48 feet on August 26 and 47.5 feet on September 3, marking the fourth and fifth reductions this year.
Meanwhile, El Nino, a climate pattern characterized by warmer-than-normal water in the eastern and central tropical Pacific, is expected to strengthen through the end of the year. Asia-US container rates were influenced by early peak season demand that lasted longer than expected, capacity management by carriers through blank sailings, and partial success of August rate hikes.
Port congestion in central and south China constrained container capacity, supporting freight rates. Blank sailings scheduled for the next week were expected to reduce rate volatility.
Written by urgent.news from Hellenic Shipping News's reporting — not their text. Machine-written — it may contain errors, so check the original before relying on it.
