DIRS.INFO The most relevant business & tech news

☆ Panama Canal Authority says trade volumes are on the rise
▼ + stars: | 2024-11-12 | by ( Lori Ann Larocco | ) 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 Authority says trade volumes are on the risePanama Canal Authority leader Ricaurte Vásquez says trade levels have rebounded from record drought conditions and should continue to increase. CNBC's Lori Ann Larocco reports.

Persons: Ricaurte Vásquez, Lori Ann Larocco Organizations: Authority, Panama Canal Authority Locations: Panama

☆ Panama Canal says shipping rebound is underway after record drought
▼ + stars: | 2024-11-12 | by ( Lori Ann Larocco | ) www.cnbc.com time to read: +4 min

watch nowAfter two years of record drought conditions amid a challenging El Nino weather system which decimated vessel transits, the Panama Canal is experiencing a trade rebound. 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, and 40% of all U.S. container traffic traveling through the Panama Canal every year. Despite competition from the Suez Canal, Vásquez predicts that the Panama Canal will recover to pre-drought volumes, with a focus on larger vessels and energy-related trade. The Panama Canal drought began in late 2022 and was described as the worst in the canal's history by January 2024. The Panama Canal Authority reported a 29% drop in vessel transits during fiscal year 2024.

Persons: Ricaurte Vásquez, Vásquez Organizations: Panama Canal Authority, CNBC, Panama Canal, Maersk, Port, International Longshoremen's Association Locations: Nino, Panama, U.S, Gatun, Suez, Port of Panama, Asia, Gulf Coasts

Ricaurte Vásquez Morales is a man obsessed with water. An app on his phone displays the fluctuating level of Lake Gatún, the artificial reservoir that is the centerpiece of the Panama Canal system. Mr. Vásquez Morales is the administrator of the Panama Canal, which is both the economic heart of his isthmus nation and a central artery for global trade. Last year, a drought dropped the lake to critical levels, prompting canal authorities to limit traffic. At the worst point, in December, only 22 ships a day were allowed to pass through the canal, down from the usual 36 to 38.

Persons: Ricaurte Vásquez Morales, ”, Vásquez Morales Organizations: Atlantic Locations: Gatún, Panama, Asia, East Coast, United, Central American

☆ 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

☆ 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 CITY (AP) — A severe drought that began last year has forced authorities to slash ship crossings by 36% in the Panama Canal, one of the world's most important trade routes. The new cuts announced Wednesday by authorities in Panama are set to deal an even greater economic blow than previously expected. On Wednesday, Panama Canal Administrator Ricaurte Vásquez said they would cut daily ship crossings to 24, after already gradually slashing crossings last year from 38 a day in normal times. It was a “significant reduction” for the country, Vásquez said. “The water problem is a national problem, not just of the Canal,” Vásquez said.

Persons: Ricaurte Vásquez, Vásquez, ” Vásquez, “, ” Organizations: PANAMA CITY, Central American Locations: PANAMA, Panama

QUITO, Ecuador (AP) — Daniel Noboa has managed to do what his father failed at five times: Getting elected as Ecuador’s president. Political Cartoons View All 1211 ImagesAnd as he is getting a truncated term, Noboa faces a daunting task. He cut his term short when he dissolved the National Assembly in May as lawmakers pursued impeachment proceedings against him over alleged improprieties in a government contract. His political career began in 2021, when he got a seat in the National Assembly and chaired its Economic Development Commission. The younger Noboa's party will not have have enough seats in the National Assembly to be able to govern on its own.

Persons: — Daniel Noboa, ”, Will Freeman, “, Guillermo Lasso, Noboa, Luisa González, Rafael Correa, González, Ecuadorians, Fernando Villavicencio, themslves, Álvaro, Lasso, Julio Ricaurte, Villavicencio, Correa, Rosa Amaguaña, ” Amaguaña, ” ___ Garcia Cano Organizations: American, Voters, Council, Foreign Relations, National Assembly, Corp, Economic Development Commission, National Police, Assembly Locations: QUITO, Ecuador, U.S, “, Quito, Noboa, Colombia, Peru, Mexican, wife’s, Belgium, Caracas, Venezuela

CARACAS, Venezuela (AP) — Frightened by unprecedented violence on the streets and within prisons, Ecuadorians have a universal demand for the president they are choosing Sunday — safety. The runoff election in the South American country pits an heir to a banana empire, Daniel Noboa, against an attorney, Luisa González. The election comes as more Ecuadorians become victims of drug-related violence that erupted roughly three years ago and intensified in August, when a presidential candidate was assassinated in broad daylight. Lasso, a conservative former banker, clashed constantly with lawmakers after his election in 2021 and decided not to run in the special election. The next president must be able to do even something small.”___Gonzalo Solano contributed to this report from Quito, Ecuador.

Persons: Daniel Noboa, Luisa González, Guillermo Lasso, Lasso, demagoguery, Julio Ricaurte, ”, Rafael Correa, Correa, Rosa Amaguaña, “, ” Amaguaña, ” ___ Gonzalo Solano Organizations: Sunday, National Assembly, Lasso, National Police, Assembly, Economic Development Commission, Corp Locations: CARACAS, Venezuela, American, Ecuador, Quito, “

☆ 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

SANTA LUCIA, Mexico, Sept 20 (Reuters) - There is still work to be done with Mexican authorities to smooth over hiccups caused by the government-mandated move of cargo flights from the nation's busiest airport to a farther-away airport, a UPS executive said on Wednesday. UPS kicked off cargo flights at the Felipe Angeles International Airport (AIFA) - a year-old, military-run airport backed by the country's president - last month, said Francisco Ricaurte, the firm's Mexico and Latin America head, in an interview with Reuters at the hub. Mexico earlier this year ordered cargo carriers stop operating at the Mexico City International Airport (AICM), pushing them to use AIFA instead in a bid to reduce oversaturation at AICM. The decree applies only to flights carrying only cargo, while passenger flights are still permitted to bring cargo to AICM. Ricaurte said UPS was still using its storage facilities at AICM as well as the depot it jointly operates at AIFA.

Persons: Francisco Ricaurte, Ricaurte, Mexico Ken Salazar, AICM, Kylie Madry, Lincoln Organizations: UPS, Felipe Angeles International Airport, Latin America, Reuters, Mexico City International, Thomson Locations: SANTA LUCIA, Mexico, Latin, AICM, AIFA

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

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 PhotoPANAMA CITY, Aug 10 (Reuters) - The drought-hit Panama Canal has temporarily limited the number of new reserved passage slots to help ease a bottleneck of ships that are waiting to transit without reservations, the waterway's authority said on Thursday. The canal, however, in June postponed further restrictions that would have required ships to lighten their loads to more easily pass. The bottleneck of vessels waiting to pass, however, has grown, prompting logistics and supply chain experts to predict more disruptions. Still, the bottleneck will not fall as hard on shippers as pandemic-era mishaps, including the Suez Canal blockage in 2021, according to shipping firms and customers.

Persons: Aris Martinez, Ricaurte Vasquez, Anatol Feygin, Rolf Habben Jansen, Lloyd, Elida Moreno, Marianna Parraga, Lisa Baertlein, Marguerita Choy Organizations: Monrovia NSU CHALLENGER, REUTERS, PANAMA CITY, Reuters, El, El Nino, Walmart, Cheniere Energy, Thomson Locations: Cocoli, Panama, Panama City, China, El, Suez

☆ '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

☆ The Panama Canal's water level is dropping thanks to a drought, throttling the number of ships that can get through
▼ + stars: | 2023-08-05 | by ( George Glover | ) www.businessinsider.com time to read: +2 min

The Panama Canal's income could fall by $200 million due to a lack of rainfall, its administrator said Thursday. It's capped the number of ships that can pass through due to this summer's drought. The Panama Canal is suffering from an intense drought which is forcing officials to cap the number of ships that can pass through the vital waterway. The 51-mile canal connects the Atlantic and Pacific oceans, which has historically made it a vital trade route. It had expected to bring in fees of around $4.9 billion in 2024 before the drought, according to Vasquez.

Persons: It's, Ricaurte Vasquez, Vasquez Organizations: Morning, Shipping, Atlantic Locations: Panama, France, Pacific

☆ Panama Canal seen losing $200 mln next year as ship crossings dip
▼ + stars: | 2023-08-04 | by ( ) www.reuters.com time to read: +1 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. Specifically, between 30 and 32 ships are expected to cross daily during the new fiscal year which starts in October, said canal administrator Ricaurte Vasquez at an event. That compares to the 36 to 38 ships that transit the waterway when it operates at full capacity. The $200 million cut would reduce the canal's revenues for the 2023-2024 fiscal year to $4.9 billion. Panama typically sees heavy rains in July, and the canal authority has called the lack of precipitation "historically unprecedented."

Persons: Aris Martinez, Ricaurte Vasquez, Elida Moreno, David Alire Garcia Organizations: Monrovia NSU CHALLENGER, REUTERS, PANAMA CITY, Thomson Locations: Cocoli, Panama, Panama City

☆ What the Panama Canal is doing to fight a severe drought challenge
▼ + stars: | 2023-06-24 | by ( Lori Ann Larocco | Sara Lindsay | ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWhat the Panama Canal is doing to fight a severe drought challengeRicaurte Vásquez Morales, administrator of the Panama Canal Administrator, speaks with CNBC's Lori Ann LaRocco about how drought is affecting the vital trade artery and shippers, and the steps it is now taking.

Persons: Ricaurte Vásquez Morales, CNBC's Lori Ann LaRocco Locations: Panama

☆ 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

☆ Drought-hit Panama Canal further restricts maximum ship depth
▼ + stars: | 2023-06-22 | by ( Elida Moreno | ) www.reuters.com time to read: +2 min

[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. REUTERS/Aris Martinez/File PhotoPANAMA CITY, June 21 (Reuters) - The Panama Canal will expand restrictions on the largest ships crossing the waterway, one of the world's busiest trade passages, the canal authority's administrator said on Wednesday, citing shallower waters due to drought. Ship traffic, including container ships and oil tankers, using the canal between the Atlantic Ocean and Pacific Ocean accounts for about 3.5% of global trade. Despite the new rules limiting ships' weight, Vasquez said the flow of ships through the canal has carried on as expected so far. The limits will not affect liquefied natural gas (LNG) carriers, as they typically report drafts of up to 37 feet, according to the canal authority.

Persons: Aris Martinez, Ricaurte Vasquez, Vasquez, Eli Moreno, Kylie Madry, Sonali Paul Organizations: Monrovia NSU CHALLENGER, REUTERS, PANAMA CITY, Central, Reuters, Port, El Nino, Thomson Locations: Cocoli, Panama, Panama City, Central American, El

☆ Falling Panama Canal traffic threatens local economy, execs warn
▼ + stars: | 2023-03-08 | by ( Milagro Vallecillos | ) www.reuters.com time to read: +2 min

[1/2] The first trial run with a Post-Panamax cargo ship in the new sets of locks on the Atlantic side of the Panama Canal, in Panama City, Panama June 9, 2016. REUTERS/Carlos JassoPANAMA CITY, March 8 (Reuters) - The amount of cargo passing through the Panama Canal is expected to shrink this fiscal year, the canal's top authority said on Wednesday, with experts warning lower volumes could hurt Panama's economy. The canal is losing out on traffic from ships that once carried fuel and gas from the U.S. to Asia, but now go to Europe and bypass the Panama Canal, Vasquez said at a conference. The number of tonnes passing through the canal reached 518 million in 2022 and 516 million in 2021, according to official data. Reporting by Milagro Vallecillos; Writing by Valentine Hilaire; Editing by Brendan O'Boyle and Sandra MalerOur Standards: The Thomson Reuters Trust Principles.

Search resuls for: "Ricaurte"

19 mentions found