DIRS.INFO The most relevant business & tech news

☆ Panama Canal curbed transits to meet challenges of demand, says waterway administrator
▼ + stars: | 2024-04-24 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailPanama Canal curbed transits to meet challenges of demand, says waterway administratorRicaurte Vásquez Morales, administrator of the Panama Canal Authority, comments on how a downturn in falling rainfall trends is affecting one of the most important waterways in the world.

Persons: Ricaurte Vásquez Morales Organizations: Panama Canal Authority Locations: Panama

☆ What the SEC climate disclosure rule may mean for investors
▼ + stars: | 2024-03-04 | by ( Greg Iacurci | ) www.cnbc.com time to read: +5 min

Climate disclosures would be made in annual filings companies make to the SEC, such as a Form 10-K, and in registration statements filed before an initial public offering. "I think climate disclosures have largely become table stakes for the investment community," said Lindsey Stewart, director of investment stewardship research at Morningstar. Current climate disclosures are 'uncommon'Ships on the Panama Canal on August 21, 2023. Shipping experts fear such events could become the new normal as rainfall shortfalls highlight climate risks. The SEC proposal outlined three tiers of emissions disclosures: Scopes 1, 2 and 3.

Persons: Gary Gensler, Win Mcnamee, —, Lindsey Stewart, Daniel Gonzalez, Stewart, They'd, Rachel Curley, Hurricane Idalia, Christian Monterrosa, Cowen, Patrick McHenry, Sen, Tim Scott, Bill Huizenga, Chris Ratcliffe, They're Organizations: Securities, Exchange, Financial Services, General, Getty, The Securities, Exchange Commission, SEC, Morningstar, Panama Canal Authority, Shipping, Anadolu Agency, P Global, Corporations, U.S . Sustainable Investment, Hurricane, Bloomberg, Republicans, Economic, Deloitte Locations: Washington, Panama, U.S, Cedar Key , Florida, R

☆ Panama Canal Drought Slows Cargo Traffic
▼ + stars: | 2024-01-26 | by ( Mira Rojanasakul | ) www.nytimes.com time to read: +8 min

PANAMA CANAL Colón Atlantic Ocean Lake Alajuela Gatún Lake Panama City PANAMA Ship traffic Pacific Ocean PANAMA CANAL Colón Lake Alajuela Atlantic Ocean Gatún Lake Panama City PANAMA Pacific Ocean Ship traffic PANAMA CANAL Colón Lake Alajuela Atlantic Ocean Gatún Lake Panama City PANAMA Pacific Ocean Ship traffic PANAMA CANAL Atlantic Ocean Colón Lake Alajuela Gatún Lake Panama City PANAMA Ship traffic Pacific Ocean PANAMA CANAL Atlantic Ocean Colón Lake Alajuela Gatún Lake Panama City PANAMA Pacific Ocean Ship traffic PANAMA CANAL Atlantic Ocean Colón Lake Alajuela Gatún Lake Panama City PANAMA Pacific Ocean Ship traffic Source: MariTrace Ship movements from Jan. 19 to Jan. 21, 2024. Panama Canal Drought Slows Cargo TrafficThe lake that allows the Panama Canal to function recorded the lowest water level ever for the start of a dry season this year, which means that vastly fewer ships can pass through the canal. The Panama Canal Authority has reduced daily traffic through the narrow corridor by nearly 40 percent compared with last year. “The fact that the Panama Canal operates on freshwater is a major disadvantage compared to other water routes,” said Ricaurte Vásquez Morales, the administrator of the Panama Canal Authority, in a video address last month. But it may not be enough to meet the pressing demand for cargo traffic through the Panama Canal.

Persons: El, Jan, ”, Ricaurte Vásquez Morales, Gatún, Joshua Tewksbury, Gloria Arrocha Paz, Arrocha Paz Organizations: PANAMA Ship, Panama Canal Authority, Maersk, Panama Canal, Smithsonian Tropical Research Institute, Demand, Times, Smithsonian Tropical Research Locations: PANAMA, Lake Panama, Panama City PANAMA, Lake Panama City PANAMA, Panama, East Coast, United States, Northeast Asia, South America, Tewksbury, Indio, Gatún, Panama City, Panama Canal Authority, What’s

☆ Panama Canal drought hits new crisis level with nearly half of vessel traffic targeted for cuts
▼ + stars: | 2023-11-03 | by ( Lori Ann Larocco | ) www.cnbc.com time to read: +4 min

PANAMA CITY, PANAMA - SEPTEMBER 22: The container ship Maersk Bogor is guided by a tugboat as it prepares to enter the Miraflores locks while transiting the Panama Canal on September 22, 2023 in Panama City, Panama. The Panama Canal Authority is continuing to restrict the number of vessels that pass through the Panama Canal locks as drought has caused water levels at Gatun Lake to drop. Over one hundred ships are waiting to transit the canal and the backup could delay goods heading to the United States for the holiday season. The Panama Canal is popular for East Coast trade because it is faster than other options. Traveling through the Panama Canal takes only 35 days.

Persons: Justin Sullivan, Adil Ashiq, Alan Baer, Baer, Jon Davis, Davis, Ashiq, Paul Brashier Organizations: PANAMA CITY, The Panama Canal, Port, CNBC Supply Chain, Panama Canal Authority, East, Panama Canal, MarineTraffic, USA, CNBC, U.S, ITS Logistics Locations: PANAMA, Bogor, Miraflores, Panama, Panama City, The Panama, Colon, Caribbean, United States, Cape Horn, South America, East, Charleston, El Nino, East Coast, Shenzhen, China, Miami , Florida, Suez, North America, U.S, West Coast, Asia, Gulf

☆ Panama Canal to slash booking slots due to drought over coming months
▼ + stars: | 2023-10-31 | by ( ) www.reuters.com time to read: +2 min

Monrovia NSU CHALLENGER bulk carrier transits the expanded canal through Cocoli Locks at the Panama Canal, on the outskirts of Panama City, Panama April 19, 2023. REUTERS/Aris Martinez/File Photo Acquire Licensing RightsPANAMA CITY, Oct 31 (Reuters) - The Panama Canal, one of the world's main maritime trade routes, will further reduce daily ship crossings in the coming months due to a severe drought, the authorities managing the canal said late on Monday, increasing shipping costs. Booking slots will be cut to 25 per day starting Nov. 3 from an already reduced 31 per day, the Panama Canal Authority (ACP) said in a client advisory, and will be gradually reduced further over the next three months to 18 slots from Feb. 1. In recent months, the ACP has imposed various passage restrictions to conserve scarce water, including cutting vessel draft and daily passage authorizations. It also said delays for some gas transporters were at record highs in Panama, pushing up the cost of shipping liquefied gas from the U.S.

Persons: Aris Martinez, Eli Moreno, Brendan O'Boyle, Isabel Woodford, Josie Kao Organizations: Monrovia NSU CHALLENGER, REUTERS, PANAMA CITY, Panama Canal Authority, U.S . Energy, Administration, Thomson Locations: Cocoli, Panama, Panama City, PANAMA, Gatun Lake

☆ Panama Canal slashes the number of ships allowed through — drought means there isn't enough water in the channel
▼ + stars: | 2023-10-02 | by ( Marianne Guenot | ) www.businessinsider.com time to read: +3 min

The Panama Canal Authority has further restricted the number of boats that can cross per day. Traffic restrictions in August caused a backlog of hundreds of ships waiting to cross. AdvertisementAdvertisementThe Panama Canal Authority further reduced the number of boats that can transit through the strategic waterway, which has been hit by an intense drought. Unlike the Suez Canal, which relies on seawater, the Panama Canal uses freshwater from an artificial lake to supply its waterway. AdvertisementAdvertisementBecause of this, the canal authority has had to ration the transit through the Panama Canal locks, per the AP.

Persons: —, Avance Gas, Ricaurte Vásquez Morales, Vásquez, France24 Organizations: Panama Canal Authority, Service, Avance, French Locations: Panama, Suez, France

☆ Panama Canal trims vessel passage quota again to deal with severe drought
▼ + stars: | 2023-09-30 | by ( ) www.reuters.com time to read: +2 min

Monrovia NSU CHALLENGER bulk carrier transits the expanded canal through Cocoli Locks at the Panama Canal, on the outskirts of Panama City, Panama April 19, 2023. The Panama Canal Authority (ACP) in recent months has imposed various passage restrictions to conserve water, including cutting vessel draft and daily passage authorizations, which are normally 36 per day. The restrictions have generated long queues of waiting vessels, although the canal administration said Friday that levels were normal. The effects have led the canal to estimate a reduction in revenues of up to $200 million by 2024. Reporting by Elida Moreno; Editing by Drazen Jorgic and Leslie AdlerOur Standards: The Thomson Reuters Trust Principles.

Persons: Aris Martinez, Elida Moreno, Drazen Jorgic, Leslie Adler Organizations: Monrovia NSU CHALLENGER, REUTERS, PANAMA CITY, Panama Canal Authority, ACP, Thomson Locations: Cocoli, Panama, Panama City, PANAMA

Monrovia NSU CHALLENGER bulk carrier transits the expanded canal through Cocoli Locks at the Panama Canal, on the outskirts of Panama City, Panama April 19, 2023. REUTERS/Aris Martinez Acquire Licensing RightsSept 12 (Reuters) - The Panama Canal could further reduce the maximum number of vessel transits authorized per day if a drought that has hit the waterway this year continues, its administrator said on Tuesday. In a move to ease the bottleneck of ships waiting, the canal has recently changed its reservation system to allow more non-booked vessels to pass and to give priority to the ships waiting the longest. The head of the Panama Canal Authority, Ricaurte Vasquez, said the waterway would opt for reducing daily transits if needed, before planning any further cut to authorized vessel draft, which affects shippers the most. PROLONGED DROUGHTVasquez said that even though this drought has not been the most severe Panama has ever seen, it could be very long.

Persons: Aris Martinez, Vasquez, Ricaurte Vasquez, Marianna Parraga, Gary McWilliams, Timothy Gardner Organizations: Monrovia NSU CHALLENGER, REUTERS, Aris, Panama Canal Authority, Thomson Locations: Cocoli, Panama, Panama City, Pacific

☆ The congestion at the Panama Canal is so bad that one shipper paid $2.4 million to jump a line and get through the waterway: report
▼ + stars: | 2023-09-06 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

The Panama Canal has been hit by a serious drought this year, causing long transit times for ships. A shipper recently paid $2.4 million for a winning bid to jump the queue, according to one energy shipping firm. AdvertisementAdvertisementThe congestion in the Panama Canal is closely watched because 40% of US container traffic passes through the waterway, according to an August report from Container xChange, a logistics platform. The Panama Canal Authority said in a Tuesday statement that there's been an improvement in the queue of vessels waiting to transit the canal. AdvertisementAdvertisementThe Panama Canal Authority and Avance Gas did not immediately respond to requests for comment from Insider sent outside regular business hours.

Persons: Oystein Kalleklev, Kalleklev, there's, project44 Organizations: Service, Gas, Shipping, Maersk, Wall, Panama Canal Authority, Bloomberg, Avance Locations: Panama, Wall, Silicon

☆ A huge traffic jam at the Panama Canal could take at least 10 months to clear up — and it'll likely screw up your holiday shopping
▼ + stars: | 2023-08-30 | by ( Rebecca Cohen | ) www.businessinsider.com time to read: +3 min

A traffic jam in the Panama Canal could take at least 10 months to clear up, new data shows. Holiday shopping will likely be impacted, with higher prices and out-of-stock items. Since ships are taking much longer to move through the body of water, delayed shipments will likely screw up holiday shopping plans. Either way, higher prices for the ships likely mean higher prices for the items they're bringing to your area, Slagle explained. The Panama Canal traffic jam can be chalked up to unprecedented conditions in Panama.

Persons: haven't, Jenna Slagle, Slagle, Project44, Salgle Organizations: Morning, Panama Canal Authority Locations: Panama

☆ The Fed is ‘flying blind’ on the economy. Will this week’s jobs data help?
▼ + stars: | 2023-08-28 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +9 min

The Bureau of Labor Statistics kicks things off on Tuesday with the Job Openings and Labor Turnover Survey report for July. But the pace of job creation and demand by employers for flexible labor, temporary, contract and full time jobs, while still strong, has definitely slowed. Tell me about the ASA Staffing Index, which tracks weekly changes in temporary and contract employment. The ASA Staffing Index is a real-time snapshot of employment. So I think we may have seen a trough in terms of temporary employment and we could be seeing now the beginning of the upturn.

Persons: Bell, Richard Wahlquist, Jackson, Jerome Powell, Powell’s Jackson, we’ve, We’ve, they’ve, upticks, Alicia Wallace, ”, Janelle Griffith, Marsh, Brian Fung Organizations: CNN Business, Bell, New York CNN, Labor Statistics, Labor, ADP, Reserve, American Staffing Association, Fed, ASA, Panama Canal Authority, Amazon, Apple, Google, Meta, Microsoft, Companies Locations: New York, Jackson Hole , Wyoming, Panama, North American

☆ A severe drought is affecting the Panama Canal. That’s not a good sign for supply chains — or your holiday shopping
▼ + stars: | 2023-08-26 | by ( Alicia Wallace | ) edition.cnn.com time to read: +8 min

Just this week, the Panama Canal Authority extended those restrictions for at least another 10 months. Next shoe to dropBut from a transportation standpoint beyond Panama, the next shoe to drop could be the Mississippi River, Davis said. During the past 30 days, rainfall along the southern Mississippi River has been well below normal. And when you have two disruptions versus just one, that is magnified overall.”Holiday shopping hang-upsFor now, general waiting times have spiked at the Panama Canal. Supply chain shiftsHad this occurred before the pandemic lockdowns and the drastic swings in consumer spending patterns that mangled supply chains, it might have been a different story.

Persons: sandstorm, ”, Janelle Griffith, Marsh, Jon Davis, El, “, Davis, Evelyn Hockstein, Everstream, Ahmad Hassan, hasn’t, “ We’ve, ” Phillip Sanfield, Amanda Kwan, hadn’t, ” Kwan, plumb, Taylor Swift, Kamala Raman, you’ve, Peter Sand, Sand Organizations: Minneapolis CNN —, Panama Canal Authority, Getty, CNN, Port, Port Authority of New, National Retail Federation Locations: Minneapolis, Minneapolis CNN — Panama, Panama, Mississippi, Suez, North American, El, Central America, Grand Tower , Illinois, New Orleans, United States, Europe, Egyptian, Ismailiya, AFP, Panama Canal, Los Angeles, Port of Los Angeles, New York, Port Authority of New York, New Jersey, “

☆ The world's worst traffic jam isn't on any road — it's at one of the most important shipping routes where ships are paying upto 3x fare just to get across
▼ + stars: | 2023-08-23 | by ( Huileng Tan | ) www.businessinsider.com time to read: +2 min

Over 200 ships are currently stuck in a massive traffic jam in the Panama Canal. The US is the largest user of the Panama Canal, so the bottleneck could hit holiday shipping. AdvertisementAdvertisementThe world's worst traffic jam is at the Panama Canal, where hundreds of massive ships are stuck due to a serious drought that reduced water levels. The traffic jam is so bad that ships have paid multiple times the toll to pass through. AdvertisementAdvertisementThe US is also the largest user of the Panama Canal, accounting for 70% of the waterway's traffic, per Container xChange.

Persons: Lars Oestergaard Nielsen, Maersk's, Insider's Rebecca Cohen Organizations: Morning, Wall, Bloomberg, Clarksons Research Services, Reuters, Panama Canal Authority, Maersk Locations: Panama, Americas, project44, Gulf, East Coast

The Liberian MSC UNITED VIII container ship transits in the expanded canal through Cocoli Locks at the Panama Canal, on the outskirts of Panama City, Panama March 10, 2023. The Panama Canal Authority last week opened two additional slots per day for vessels without booking to transit to help clear bottlenecks on both sides of the interoceanic corridor. As of Tuesday, 125 booked and non-booked vessels were waiting to pass, down from more than 160 ships two weeks ago, according to official numbers. However, the average wait time for vessels to pass has risen to between 10 and 11 days this month, from 6-7 days last month. The waiting surpasses 17 days for cargo vessels and liquefied petroleum gas carriers, and is almost 13 days for tankers.

Persons: Aris Martinez, Gustavo Petro, Andres Manuel Lopez Obrador, Abe Eshkenazi, Elida Moreno, Marianna Parraga, Marguerita Choy Organizations: Liberian MSC UNITED, REUTERS, PANAMA CITY, Panama Canal Authority, Reuters, Tuesday, Panama, U.S, U.S ., Association for Supply Chain Management, Thomson Locations: Cocoli, Panama, Panama City, PANAMA, Asia, South America, Europe, China, U.S . West Coast, Chicago, Houston

☆ More than 200 ships are in a traffic jam outside the Panama Canal, showing we can't get through a year without big boats getting stuck
▼ + stars: | 2023-08-22 | by ( Rebecca Cohen | ) www.businessinsider.com time to read: +2 min

More than 200 ships are stuck in a traffic jam outside the Panama Canal. Over 200 ships are currently stuck in a major traffic jam on either side of the Panama Canal, with some ships trapped for more than three weeks waiting to get through, according to data from project44 reviewed by Insider. The ships are stuck due to an unprecedented drought taking hold in Panama right now, the Wall Street Journal reported. The traffic jam is causing a slowdown in consumer goods delivery and is already stoking concerns over the holiday supply chain. But the stuck ships should come as no surprise; it's the third year in a row that the world has marveled at an unfortunate logjam of maritime traffic.

Persons: Alix Partners, Alix Organizations: Wall Street Journal, Panama Canal Authority, Alix Partners, Authorities Locations: Panama, Suez, Chesapeake

[1/2] Monrovia NSU CHALLENGER bulk carrier transits the expanded canal through Cocoli Locks at the Panama Canal, on the outskirts of Panama City, Panama April 19, 2023. The Panama Canal Authority has reduced maximum ship weights and daily ship crossings in a bid to conserve water. Container ships are the most common users of the Panama Canal and transport more than 40% of consumer goods traded between Northeast Asia and the U.S. East Coast. Some shipping executives are bracing for more reductions later this year, noting that in 2020 a less severe drought prompted canal operators to reduce crossings to 27 per day. "The Panama Canal is just the latest example."

Persons: Aris Martinez, Max, Drew Lerner, Peter Sand, Steve Ferreira, STRI's Steven Paton, Paton, Brian Bourke, Lisa Baertlein, Marianna Parraga, Elida Moreno, Louise Breusch Rasmussen, Deepa Babington Organizations: Monrovia NSU CHALLENGER, REUTERS, ANGELES, Evergreen Marine, Pacific, Panama Canal Authority, Northeast, U.S ., Smithsonian Tropical Research, El Nino, Central American, Canal Authority, SEKO Logistics, Thomson Locations: Cocoli, Panama, Panama City, HOUSTON, China, U.S, Northeast Asia, U.S . East Coast . U.S, United States, Chile, Brazil, Suez, Gatun Lake, El, U.S . East Coast, Los Angeles, Houston, Copenhagen

☆ Major shipping routes are struggling with water shortages. El Niño could make it worse
▼ + stars: | 2023-08-21 | by ( Sam Meredith | ) www.cnbc.com time to read: +6 min

A ship navigates the Panama Canal in the area of the Americas' Bridge in Panama City on June 12, 2023. Luis Acosta | Afp | Getty ImagesAn increasing number of climate-driven extreme weather events is taking its toll on the world's major shipping routes — and El Niño could make matters worse. In drought-stricken Panama, low water levels have prompted the Central American country to reduce the number of vessels that pass through the critically important Panama Canal. The Panama Canal Authority, which manages the waterway, said earlier this month that the measures were necessary because of "unprecedented challenges." "Right now, we do not see that filling up of the water levels that a normal year would bring around.

Persons: Luis Acosta, El Niño, El, Peter Sands, Sands, Lars Ostergaard Nielsen, Moller, Balint Porneczi, Nielsen Organizations: Afp, Getty, Central, Atlantic, Panama Canal Authority, CNBC, Analysts, Planet Labs PBC, El, Maersk, Bloomberg, Palatinate . Locations: Panama, Panama City, Central American, Suez, Europe, Asia, Pacific, Germany, Rotterdam, Bacharach, Rhineland, Palatinate, Frankfurt

Monrovia NSU CHALLENGER bulk carrier transits the expanded canal through Cocoli Locks at the Panama Canal, on the outskirts of Panama City, Panama April 19, 2023. The Panama Canal is important for moving consumer goods from Asia to the United States, especially ahead of peak selling seasons like Christmas. The Canal also is maintaining a suspension of extraordinary auctions for transit slots in both locks through Sep. 2. "Demand remains high, which proves that the Panama Canal is still competitive in most segments, even with measures taken to save water," the authority added. The Panama Canal has a 40%-market share of containers moving from Northeast Asia to the U.S. East Coast.

Persons: Aris Martinez, Elida Moreno, Marianna Parraga, Gary McWilliams, Grant McCool Organizations: Monrovia NSU CHALLENGER, REUTERS, PANAMA CITY, Panama Canal Authority, Canal Authority, U.S ., Thomson Locations: Cocoli, Panama, Panama City, PANAMA, Asia, United States, South, Pacific Coast, Northeast Asia, U.S . East Coast

☆ 'This is going to get worse before it gets better': Panama Canal pileup due to drought reaches 154 vessels
▼ + stars: | 2023-08-09 | by ( Lori Ann Larocco | ) www.cnbc.com time to read: +4 min

A ship navigates through the Panama Canal in the area near the Americas' Bridge in Panama City on April 24, 2023. The Panama Canal is a critical trade link for U.S. shippers heading to Gulf and East Coast ports. The U.S. is the largest user of the Panama Canal, with total U.S. commodity export and import containers representing about 73% of Panama Canal traffic. The massive pileup is a result of water conservation measures the Panama Canal Authority deployed in late July due to drought. West Coast ports saw a decrease of 38.3% in July trade, and top East and Gulf Coast ports processed an increase of 46.4%.

Persons: Luis Acosta, Max, Adil Ashiq, Ricaurte Vásquez Morales, Ashiq, Descartes, Stephen Lamar Organizations: Afp, Getty, Panama Canal Authority, Labs, Planet Labs, PCA, Port, MarineTraffic, American Apparel & Footwear Association Locations: Panama, Americas, Panama City, Gulf, East Coast, U.S, Pacific, Port of Balboa, Port of Savannah, North America, Gatun, Coast, West Coast

☆ U.S. trade dominates Panama Canal traffic. 'Severe' drought is threatening the long-term future of the century-old shipping route
▼ + stars: | 2023-06-24 | by ( Lori Ann Larocco | ) www.cnbc.com time to read: +5 min

Forty percent of all U.S. container traffic travels through the Panama Canal every year, which in all, moves roughly $270 billion cargo annually. "The U.S. is the main the main source and destination of our traffic," said Ricaurte Vásquez Morales, administrator of the Panama Canal Administrator. The Panama Canal is popular for East Coast trade because it is faster than other options. Traveling through the Panama Canal, which is more expensive, takes only 35 days. The U.S. is the largest country to move energy commodities through the Panama Canal, including natural gas.

Persons: Ricaurte Vásquez Morales, Vásquez, Luis Acosta Organizations: Gulf, Panama Canal, East, Agriculture Transportation Coalition, CNBC, LNG Allies, Panama, Afp, Getty, Panama Canal Authority Locations: Panama, East Coast, U.S, Shenzhen, China, Miami , Florida, Suez, New Orleans, Mobile , Alabama, Colon province, Panama City

CNN —An “unprecedented drought” is affecting the Panama Canal’s water supply and leading authorities to impose surcharges and weight limits on ships traversing the key global trade route, according to the Panama Canal Authority. Ships move through the Panama Canal through a lock system, which uses water from several freshwater reservoirs to float the massive cargo vessels overland. But Panama is currently gripped by drought, and water levels at least one of those reservoirs – Gatun Lake – are dropping. But the start of El Niño “could worsen” conditions, the Panama Canal authority also warned. Regional neighbors have sought opportunities to compete with the lucrative Panama Canal.

Persons: El Niño, El, Cape Horn Organizations: CNN, Panama Canal Authority, Ships, Panama City, Panamanian National Government, El, Pacific, United Locations: Panama, Central America, El, South America, Cape, Asia, United States, Panamanian, Panama Canal, Nicaragua, Mexico, Pacific, Gulf of Mexico

Search resuls for: "Panama Canal Authority"

21 mentions found